Florida Statute 220.14 | Lawyer Caselaw & Research

The 2024 Florida Statutes

Title XIV
TAXATION AND FINANCE

Chapter 220
INCOME TAX CODE

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F.S. 220.14

220.14 Exemption.—

(1) In computing a taxpayer’s liability for tax under this code, there shall be exempt from the tax $50,000 of net income as defined in s. 220.12 or such lesser amount as will, without increasing the taxpayer’s federal income tax liability, provide the state with an amount under this code which is equal to the maximum federal income tax credit which may be available from time to time under federal law.

(2) In the case of a taxable year for a period of less than 12 months, the exemption allowed by this section shall be prorated on the basis of the number of days in such year to 365.

(3) Only one exemption shall be allowed to taxpayers filing a consolidated return under this code.

(4) Notwithstanding any other provision of this code, not more than one exemption under this section may be allowed to the Florida members of a controlled group of corporations, as defined in s. 1563 of the Internal Revenue Code with respect to taxable years ending on or after December 31, 1970, filing separate returns under this code. The exemption described in this section shall be divided equally among such Florida members of the group, unless all of such members consent, at such time and in such manner as the department shall by regulation prescribe, to an apportionment plan providing for an unequal allocation of such exemption.

History.—s. 1, ch. 71-984; s. 6, ch. 83-349; s. 3, ch. 84-549; s. 5, ch. 2011-229; s. 10, ch. 2012-32.

F.S. 220.14 on Google Scholar

F.S. 220.14 on Casetext

Amendments to 220.14

Arrestable Offenses / Crimes under Fla. Stat. 220.14

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 220.14.

Annotations, Discussions, Cases:

Cases Citing Statute 220.14

Total Results: 6

Miami-Dade Expressway Authority v. Tropical Trailer Leasing

Court: District Court of Appeal of Florida | Date Filed: 2018-06-27

Snippet: the requirements of rule 1.220 14 have been met and not on

Roger Dean Enterprises v. STATE, ETC.

Court: Supreme Court of Florida | Date Filed: 1980-07-24

Citation: 387 So. 2d 358

Snippet: law requirement. Under the provisions of section 220.14(1), Florida Statutes (1973), corporate taxpayers

Buchwald Enterprises, Inc. v. Florida Department of Revenue

Court: District Court of Appeal of Florida | Date Filed: 1979-10-02

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

Snippet: under § 220.15, less the exemption allowed by § 220.14.” In defining “adjusted federal income” Section

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

Court: District Court of Appeal of Florida | Date Filed: 1978-12-27

Citation: 371 So. 2d 101

Snippet: petitioner the $5000 exemption allowed by Section 220.14(1), Florida Statutes (1973). Subsection (4) of

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

Court: District Court of Appeal of Florida | Date Filed: 1978-09-25

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

Snippet: -15, less the annual exemption allowed by Section 220.14. Section 220.12(1). Section 220.15 provides that

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

Court: District Court of Appeal of Florida | Date Filed: 1976-06-22

Citation: 334 So. 2d 129

Snippet: 220.15, less the annual exemption allowed by § 220.14. F.S. § 220.12(1). Thus, `adjusted federal income'