Form Dr-142 - Solid Mineral Severance Tax Return (Page 11 of 12) in pdf

DR-142ES

R. 01/13

Page 11

Instructions for Filing the Declaration of Estimated Tax

and Installment Payments of Solid Mineral Severance Tax

Who must file a declaration of estimated tax? Every

Publications (TIPs) on the Department’s Internet site at

producer subject to tax, severing solid minerals from

the soil or waters of Florida, must file a declaration of

Electronic Funds Transfer (EFT): Any taxpayer who paid

estimated tax for the taxable year. Solid mineral means

more than $20,000 in severance taxes between July 1 and

all solid minerals including, but not limited to, clay, gravel,

June 30 (the state’s fiscal year), must pay their taxes by

phosphate rock, lime, shells (excluding live shellfish), stone,

EFT in the next calendar year. For more information on

sand, heavy minerals, and any rare earths that have been

EFT requirements and procedures, visit the Department’s

discovered or may be discovered in the future, which are

Internet site at

contained in the soils or waters of this state.

How do I amend my estimated tax? To amend the

When is the declaration due? The declaration must be

declaration of estimated tax, obtain Form DR-142ES from

filed on or before May 1

of the taxable year. (For example,

the Department. Check the box on the form indicating

the declaration for the 2012 tax year is due on or before

an amended declaration. Complete your name, address,

May 1, 2012.)

and federal employer identification number (FEIN). Enter

When are the installment payments due? The first

the taxable year of the amended declaration. Calculate

installment payment is due on or before May 1

, at the

the amended estimate for the entire year and subtract (on

same time as the declaration of estimated tax. The second

Line 6) any payments already made for the year. Divide

installment payment is due on or before July 1

. The third

the balance due for the year by the number of remaining

installment payment is due on or before October 1

and

payments due to calculate each installment amount.

the fourth installment payment is due on or before January

Be sure to complete the coupon information, including

of the following year.

installment number.

How do I calculate my estimated tax and installment

Underpayment of estimated tax: An underpayment of

payment amounts? Estimated tax means the amount the

estimated tax will be determined if the total amount of

taxpayer estimates to be due for the current taxable year.

installment payments is less than 80 percent of the tax

The estimate can be based on current production figures or

finally determined to be due for the tax year, and less

on the prior year’s production if current production figures

than the total amount of tax that was due in the prior year.

are unavailable. To avoid penalties for underestimating

Penalty (at the rate of 20 percent per year) is due on any

your tax due, you must make installment payments totaling

portion of an installment of estimated tax that is underpaid

at least 80 percent of the tax finally determined to be due

or late. Florida law provides a floating interest rate for late

for the tax year or an amount equal to the prior year’s tax,

payments of taxes due. Interest rates, including daily rates are

whichever is less.

published in Tax Information Publications (TIPS) that are updated

semiannually on January 1 and July 1 of each year and posted

To calculate the amount of each installment payment,

online at

complete the Declaration/Installment Payment of Estimated

Solid Mineral Severance Tax (Form DR-142ES). Calculate

Payment coupons: Complete the back of each payment

estimated tax due for the tax year. Check whether the

coupon before filing with the Department. Enter the

estimate is based on the prior year or the current year’s

amount of the installment and the amount (if any) of unused

production. Enter the estimated tonnage and taxable value

overpayment credit from Form DR-142 to be applied to the

on Line 1 or Line 2 under the appropriate column. Finally,

payment. Transfer the amount on Line 3 on the back of the

multiply the tonnage and taxable value by the tax rate.

coupon to the front of the coupon. Make sure the printed

Tax rates are entered by the Department. The

name, address, FEIN, taxable year, and installment number

tax rates for phosphate rock and for other solid

are on the coupon, or type or print them if you are using

minerals are provided in sections 211.3103 and

a form with no preprinted information. If the payment is

211.31, F.S. The tax rate for heavy minerals

made by EFT, check the box on the front of the coupon.

is determined annually by the Department, as

Mail the declaration including the first installment,

provided in section 211.3106, F.S. Annual tax

coupons, and payments to:

rates are published in Taxpayer Information

Florida Department of Revenue

5050 W Tennessee St

Tallahassee FL 32399-0150

Filing of annual return: An annual return (Form DR-142) is

due on or before April 1

of the year following the taxable

year. Returns will be mailed to taxpayers on or about

January 1st of each year.

Form Dr-142 - Solid Mineral Severance Tax Return Page 11

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