FL H0853

Amends Florida Statutes section 212.17 to establish procedures allowing dealers to claim tax credits or refunds for worthless or uncollectable private-label credit card and dealer credit accounts or receivables charged off as bad debt on or after January 1, 2014.

Requires accounts or receivables to meet three conditions: charged off as bad debt on lender's books on or after January 1, 2014; no prior credit or refund claimed; and credit or refund claimed within 12 months after charge-off.

Allows dealers to use two calculation methods: an apportionment method based on Florida/non-Florida and taxable/nontaxable sales, or a specified percentage methodology derived from sampling and agreed upon by the department and dealer.

Limits credit or refund recovery to percentages based on charge-off year: 25% for 2014, 50% for 2015, 75% for 2016, and 100% for 2017 and thereafter of taxes attributable to bad debt.

Requires if subsequently collected, dealers must include the taxable percentage of amounts collected in their next return and pay applicable taxes; effective July 1, 2014.