Florida Statute 220.14 - Full Text and Legal Analysis

The 2025 Florida Statutes

Title XIV
TAXATION AND FINANCE

Chapter 220
INCOME TAX CODE

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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 | Sort by: Relevance | Newest First

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Roger Dean Enter. v. STATE, ETC., 387 So. 2d 358 (Fla. 1980).

Cited 12 times | Published | Supreme Court of Florida

...Nevertheless, we do not follow its line of reasoning. The result reached by applying section 220.13(1)(c), Florida Statutes (1973), to the taxpayer's 1972 and 1973 installment receipts from its 1971 sale in no way infringes upon the federal due process of law requirement. Under the provisions of section 220.14(1), Florida Statutes (1973), corporate taxpayers are generally allowed an exemption of $5,000 of net income in computing their tax liability. However, under subsection (4) of section 220.14, only one exemption is allowed to the Florida member of a "controlled group of corporations" filing separate returns....

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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....

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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

...2nd DCA 1977). However, we do not believe that those cases control the decision here. Finally, since the Department found petitioner to be a member of a "controlled group of corporations" it refused to allow petitioner the $5000 exemption allowed by Section 220.14(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

...ivilege tax measured 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....

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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

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

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