Florida Senate - 2011 COMMITTEE AMENDMENT
Bill No. SB 1542
Barcode 899100
LEGISLATIVE ACTION
Senate . House
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The Committee on Commerce and Tourism (Ring) recommended the
following:
1 Senate Amendment (with title amendment)
2
3 Between lines 33 and 34
4 insert:
5 Section 1. Subsection (8) of section 220.02, Florida
6 Statutes, is amended to read:
7 220.02 Legislative intent.—
8 (8) It is the intent of the Legislature that credits
9 against either the corporate income tax or the franchise tax be
10 applied in the following order: those enumerated in s. 631.828,
11 those enumerated in s. 220.191, those enumerated in s. 220.181,
12 those enumerated in s. 220.183, those enumerated in s. 220.182,
13 those enumerated in s. 220.1895, those enumerated in s. 221.02,
14 those enumerated in s. 220.184, those enumerated in s. 220.186,
15 those enumerated in s. 220.1845, those enumerated in s. 220.19,
16 those enumerated in s. 220.185, those enumerated in s. 220.1875,
17 those enumerated in s. 220.192, those enumerated in s. 220.193,
18 those enumerated in s. 288.9916, those enumerated in s.
19 220.1899, and those enumerated in s. 220.1896, and those
20 enumerated in s. 220.1877.
21 Section 2. Paragraph (a) of subsection (1) of section
22 220.13, Florida Statutes, is amended to read:
23 220.13 “Adjusted federal income” defined.—
24 (1) The term “adjusted federal income” means an amount
25 equal to the taxpayer’s taxable income as defined in subsection
26 (2), or such taxable income of more than one taxpayer as
27 provided in s. 220.131, for the taxable year, adjusted as
28 follows:
29 (a) Additions.—There shall be added to such taxable income:
30 1. The amount of any tax upon or measured by income,
31 excluding taxes based on gross receipts or revenues, paid or
32 accrued as a liability to the District of Columbia or any state
33 of the United States which is deductible from gross income in
34 the computation of taxable income for the taxable year.
35 2. The amount of interest which is excluded from taxable
36 income under s. 103(a) of the Internal Revenue Code or any other
37 federal law, less the associated expenses disallowed in the
38 computation of taxable income under s. 265 of the Internal
39 Revenue Code or any other law, excluding 60 percent of any
40 amounts included in alternative minimum taxable income, as
41 defined in s. 55(b)(2) of the Internal Revenue Code, if the
42 taxpayer pays tax under s. 220.11(3).
43 3. In the case of a regulated investment company or real
44 estate investment trust, an amount equal to the excess of the
45 net long-term capital gain for the taxable year over the amount
46 of the capital gain dividends attributable to the taxable year.
47 4. That portion of the wages or salaries paid or incurred
48 for the taxable year which is equal to the amount of the credit
49 allowable for the taxable year under s. 220.181. This
50 subparagraph shall expire on the date specified in s. 290.016
51 for the expiration of the Florida Enterprise Zone Act.
52 5. That portion of the ad valorem school taxes paid or
53 incurred for the taxable year which is equal to the amount of
54 the credit allowable for the taxable year under s. 220.182. This
55 subparagraph shall expire on the date specified in s. 290.016
56 for the expiration of the Florida Enterprise Zone Act.
57 6. The amount of emergency excise tax paid or accrued as a
58 liability to this state under chapter 221 which tax is
59 deductible from gross income in the computation of taxable
60 income for the taxable year.
61 7. That portion of assessments to fund a guaranty
62 association incurred for the taxable year which is equal to the
63 amount of the credit allowable for the taxable year.
64 8. In the case of a nonprofit corporation which holds a
65 pari-mutuel permit and which is exempt from federal income tax
66 as a farmers’ cooperative, an amount equal to the excess of the
67 gross income attributable to the pari-mutuel operations over the
68 attributable expenses for the taxable year.
69 9. The amount taken as a credit for the taxable year under
70 s. 220.1895.
71 10. Up to nine percent of the eligible basis of any
72 designated project which is equal to the credit allowable for
73 the taxable year under s. 220.185.
74 11. The amount taken as a credit for the taxable year under
75 s. 220.1875. The addition in this subparagraph is intended to
76 ensure that the same amount is not allowed for the tax purposes
77 of this state as both a deduction from income and a credit
78 against the tax. This addition is not intended to result in
79 adding the same expense back to income more than once.
80 12. The amount taken as a credit for the taxable year under
81 s. 220.192.
82 13. The amount taken as a credit for the taxable year under
83 s. 220.193.
84 14. Any portion of a qualified investment, as defined in s.
85 288.9913, which is claimed as a deduction by the taxpayer and
86 taken as a credit against income tax pursuant to s. 288.9916.
87 15. The costs to acquire a tax credit pursuant to s.
88 288.1254(5) that are deducted from or otherwise reduce federal
89 taxable income for the taxable year.
90 16. The amount equal to the credit claimed for the taxable
91 year under s. 220.1877. The addition in this subparagraph is
92 intended to ensure that the same amount is not allowed for tax
93 purposes of this state as both a deduction from income and a
94 credit against the tax. This addition is not intended to result
95 in adding the same expense back to income more than once.
96
97 ================= T I T L E A M E N D M E N T ================
98 And the title is amended as follows:
99 Between lines 2 and 3
100 insert:
101 amending s. 220.02, F.S.; adding the tax credit
102 allowed under the Florida Public School Tax Credit
103 Program to the tax credits that are applied against
104 the corporate income tax; amending s. 220.13, F.S.;
105 redefining the term “adjusted federal income” to
106 include the public school funding tax credit;
107 prohibiting a taxpayer from receiving a credit greater
108 than the amount of the contribution;