Bill Text: FL S0562 | 2013 | Regular Session | Introduced

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Bill Title: Tax-exempt Income

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2013-05-03 - Died in Appropriations Subcommittee on Finance and Tax [S0562 Detail]

Download: Florida-2013-S0562-Introduced.html

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       Florida Senate - 2013                                     SB 562
       
       
       
       By Senator Hukill
       
       
       
       
       8-00822-13                                             2013562__
    1                        A bill to be entitled                      
    2         An act relating to tax-exempt income; amending s.
    3         220.14, F.S.; revising the amount of income that is
    4         exempt from the corporate income tax; amending s.
    5         220.63, F.S.; revising the amount of income that is
    6         exempt from the franchise tax imposed on banks and
    7         savings associations; providing for applicability;
    8         providing an effective date.
    9  
   10  Be It Enacted by the Legislature of the State of Florida:
   11  
   12         Section 1. Subsection (1) of section 220.14, Florida
   13  Statutes, is amended to read:
   14         220.14 Exemption.—
   15         (1) In computing a taxpayer’s liability for tax under this
   16  code, there shall be exempt from the tax $75,000 $50,000 of net
   17  income as defined in s. 220.12 or such lesser amount as will,
   18  without increasing the taxpayer’s federal income tax liability,
   19  provide the state with an amount under this code which is equal
   20  to the maximum federal income tax credit which may be available
   21  from time to time under federal law.
   22         Section 2. Subsection (3) of section 220.63, Florida
   23  Statutes, is amended to read:
   24         220.63 Franchise tax imposed on banks and savings
   25  associations.—
   26         (3) For purposes of this part, the franchise tax base shall
   27  be adjusted federal income, as defined in s. 220.13, apportioned
   28  to this state, plus nonbusiness income allocated to this state
   29  pursuant to s. 220.16, less the deduction allowed in subsection
   30  (5) and less $75,000 $50,000.
   31         Section 3. This act shall take effect January 1, 2014, and
   32  applies to tax years beginning on or after January 1, 2014.