Florida Statute 220.12 - Full Text and Legal Analysis

The 2024 Florida Statutes (including 2025 Special Session C)

Title XIV
TAXATION AND FINANCE

Chapter 220
INCOME TAX CODE

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F.S. 220.12

220.12 “Net income” defined.—For purposes of this code, a taxpayer’s net income for a taxable year shall be its adjusted federal income, or that share of its adjusted federal income for such year which is apportioned to this state under s. 220.15, plus nonbusiness income allocated to this state pursuant to s. 220.16, less the exemption allowed by s. 220.14.

History.—s. 1, ch. 71-984; s. 23, ch. 83-349; s. 4, ch. 85-118; s. 14, ch. 90-203; s. 92, ch. 91-112; s. 36, ch. 96-397; s. 3, ch. 98-293.

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Amendments to 220.12

Annotations, Discussions, Cases:

Cases Citing Statute 220.12

Total Results: 6

Heftler Construction Co. & Sub. v. Depart. of Rev.

334 So. 2d 129

District Court of Appeal of Florida | Filed: Jun 22, 1976 | Docket: 1309807

Cited 7 times | Published

the annual exemption allowed by § 220.14. F.S. § 220.12(1). Thus, `adjusted federal income' is the beginning

CLEARWATER FEDERAL SAV. & LOAN ASS'N v. Dept. of Rev.

350 So. 2d 1134

District Court of Appeal of Florida | Filed: Oct 21, 1977 | Docket: 1712947

Cited 3 times | Published

point "adjusted federal income." Fla. Stat. Section 220.12(1). Therefore, they posit that where the income

Roger Dean Enterprises, Inc. v. Department of Rev.

371 So. 2d 101

District Court of Appeal of Florida | Filed: Dec 27, 1978 | Docket: 1786733

Cited 2 times | Published

clear that the sale date was April 1971. [3] Section 220.12(1), Florida Statutes (1973). [4] Sections

State Farm Mutual Automobile Insurance Company v. Florida Department of Revenue

District Court of Appeal of Florida | Filed: Jan 17, 2024 | Docket: 68165985

Published

off the corporation’s “adjusted federal income.” § 220.12, Fla. Stat. The terminology used by the Legislature

Buchwald Enterprises, Inc. v. Florida Department of Revenue

375 So. 2d 861, 1979 Fla. App. LEXIS 15862

District Court of Appeal of Florida | Filed: Oct 2, 1979 | Docket: 64572251

Published

shall be prospective in effect only . . . ” In Section 220.12(1) “net income” is defined as: “For the purposes

Stan Musial & Biggie's, Inc. v. State, Department of Revenue

363 So. 2d 375, 1978 Fla. App. LEXIS 16789

District Court of Appeal of Florida | Filed: Sep 25, 1978 | Docket: 64566635

Published

annual exemption allowed by Section 220.14. Section 220.12(1). Section 220.15 provides that adjusted federal