Florida Senate - 2015                                     SB 8-A
       
       
        
       By Senator Hukill
       
       
       
       
       
       8-00003A-15A                                            20158A__
    1                        A bill to be entitled                      
    2         An act relating to tax-exempt income; amending s.
    3         220.14, F.S.; increasing the amount of income that is
    4         exempt from the corporate income tax; amending s.
    5         220.63, F.S.; increasing the amount of income that is
    6         exempt from the franchise tax imposed on banks and
    7         savings associations; providing applicability;
    8         providing for construction of the act in pari materia
    9         with laws enacted during the 2015 Regular Session of
   10         the Legislature; providing an effective date.
   11          
   12  Be It Enacted by the Legislature of the State of Florida:
   13  
   14         Section 1. Subsection (1) of section 220.14, Florida
   15  Statutes, is amended to read:
   16         220.14 Exemption.—
   17         (1) In computing a taxpayer’s liability for tax under this
   18  code, $75,000 there shall be exempt from the tax $50,000 of net
   19  income as defined in s. 220.12 is exempt from the tax or such
   20  lesser amount as will, without increasing the taxpayer’s federal
   21  income tax liability, provide the state with an amount under
   22  this code which is equal to the maximum federal income tax
   23  credit which may be available from time to time under federal
   24  law.
   25         Section 2. Subsection (3) of section 220.63, Florida
   26  Statutes, is amended to read:
   27         220.63 Franchise tax imposed on banks and savings
   28  associations.—
   29         (3) For purposes of this part, the franchise tax base is
   30  shall be adjusted federal income, as defined in s. 220.13,
   31  apportioned to this state, plus nonbusiness income allocated to
   32  this state pursuant to s. 220.16, less the deduction allowed in
   33  subsection (5) and less $75,000 $50,000.
   34         Section 3. This act applies to taxable years beginning on
   35  or after January 1, 2016.
   36         Section 4. If any law amended by this act was also amended
   37  by a law enacted during the 2015 Regular Session of the
   38  Legislature, such laws shall be construed as if they had been
   39  enacted during the same session of the Legislature and full
   40  effect shall be given to each if possible.
   41         Section 5. This act shall take effect January 1, 2016.