Florida Statute 220.14 - 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. 220.14

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.

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Amendments to 220.14

Annotations, Discussions, Cases:

Cases Citing Statute 220.14

Total Results: 5

Roger Dean Enterprises v. STATE, ETC.

387 So. 2d 358

Supreme Court of Florida | Filed: Jul 24, 1980 | Docket: 1355459

Cited 12 times | Published

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

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

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

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

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

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

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

220.-15, less the annual exemption allowed by Section 220.14. Section 220.12(1). Section 220.15 provides