Florida Statute 220.12 - Full Text and Legal Analysis

The 2025 Florida Statutes

Title XIV
TAXATION AND FINANCE

Chapter 220
INCOME TAX CODE

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220.12 “Net income” defined.—For purposes of this code, a taxpayer’s net income for a taxable year shall be its adjusted federal income, or that share of its adjusted federal income for such year which is apportioned to this state under s. 220.15, plus nonbusiness income allocated to this state pursuant to s. 220.16, less the exemption allowed by s. 220.14.

History.—s. 1, ch. 71-984; s. 23, ch. 83-349; s. 4, ch. 85-118; s. 14, ch. 90-203; s. 92, ch. 91-112; s. 36, ch. 96-397; s. 3, ch. 98-293.

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Amendments to 220.12

Annotations, Discussions, Cases:

Cases Citing Statute 220.12

Total Results: 6 | Sort by: Relevance | Newest First

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Heftler Constr. Co. & Sub. v. Depart. of Rev., 334 So. 2d 129 (Fla. 3d DCA 1976).

Cited 7 times | Published | Florida 3rd District Court of Appeal

..."CONCLUSIONS OF LAW "The Florida income tax code imposes upon corporations an excise or privilege tax measured by net income. F.S. § 220.11(2). Florida net income is defined as `adjusted federal income', apportioned where necessary in accordance with F.S. § 220.15, less the annual exemption allowed by § 220.14. F.S. § 220.12(1)....

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Clearwater Fed. Sav. & Loan Ass'n v. Dept. of Rev., 350 So. 2d 1134 (Fla. 2d DCA 1977).

Cited 3 times | Published | Florida 2nd District Court of Appeal

...1971, it was recognized for federal income tax purposes after said amendment and that the Florida Corporate Income Tax Code specifically contemplates taxation of such sums by virtue of using as a starting point "adjusted federal income." Fla. Stat. Section 220.12(1)....

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Roger Dean Enter., Inc. v. Dep't of Rev., 371 So. 2d 101 (Fla. 4th DCA 1978).

Cited 2 times | Published | Florida 4th District Court of Appeal

...NOTES [1] The stipulation of facts submitted by the parties has facilitated the appellate presentation of this case and we commend the general use of such stipulations to the Bar. [2] This appears to be a typographical error as the briefs and record make it otherwise clear that the sale date was April 1971. [3] Section 220.12(1), Florida Statutes (1973)....

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Stan Musial & Biggie's, Inc. v. State, Dep't of Revenue, 363 So. 2d 375 (Fla. Dist. Ct. App. 1978).

Published | District Court of Appeal of Florida | 1978 Fla. App. LEXIS 16789

...ured by net income. Section 220.11(2). A taxpayer’s net income is defined to be that share of its adjusted federal income which is apportioned to Florida under the provisions of Section 220.-15, less the annual exemption allowed by Section 220.14. Section 220.12(1)....

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Buchwald Enter., Inc. v. Florida Dep't of Revenue, 375 So. 2d 861 (Fla. Dist. Ct. App. 1979).

Published | District Court of Appeal of Florida | 1979 Fla. App. LEXIS 15862

shall be prospective in effect only . . . ” In Section 220.12(1) “net income” is defined as: “For the purposes

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State Farm Mut. Auto. Ins. Co. v. Florida Dep't of Revenue (Fla. 1st DCA 2024).

Published | Florida 1st District Court of Appeal

...(“A tax measured by net income is hereby imposed on every taxpayer for each taxable year . . . .”); see § 220.03(1)(z), Fla. Stat. (defining “taxpayer” in terms limited to a corporation). 1 “Net income” is based off the corporation’s “adjusted federal income.” § 220.12, Fla....

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