Florida Senate - 2011                          SENATOR AMENDMENT
       Bill No. CS for HB 7185
       
       
       
       
       
       
                                Barcode 211262                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                Floor: 1/AD/2R         .            Floor: C            
             05/03/2011 06:17 PM       .      05/05/2011 12:35 PM       
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       Senator Bogdanoff moved the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3  
    4         Delete lines 124 - 125
    5  and insert:
    6         Section 5. Effective January 1, 2012, and applying to tax
    7  years beginning on or after January 1, 2012, subsection (1) of
    8  section 220.14, Florida Statutes, is amended to read
    9         220.14 Exemption.—
   10         (1) In computing a taxpayer’s liability for tax under this
   11  code, there shall be exempt from the tax $25,000 $5,000 of net
   12  income as defined in s. 220.12 or such lesser amount as will,
   13  without increasing the taxpayer’s federal income tax liability,
   14  provide the state with an amount under this code which is equal
   15  to the maximum federal income tax credit which may be available
   16  from time to time under federal law.
   17         Section 6. Effective January 1, 2012, and applying to tax
   18  years beginning on or after January 1, 2012, subsection (3) of
   19  section 220.63, Florida Statutes, is amended to read:
   20         220.63 Franchise tax imposed on banks and savings
   21  associations.—
   22         (3) For purposes of this part, the franchise tax base shall
   23  be adjusted federal income, as defined in s. 220.13, apportioned
   24  to this state, plus nonbusiness income allocated to this state
   25  pursuant to s. 220.16, less the deduction allowed in subsection
   26  (5) and less $25,000 $5,000.
   27         Section 7. Except as otherwise expressly provided in this
   28  act, this act shall take effect upon becoming a law and shall
   29  operate retroactively to January 1, 2011.
   30  
   31  ================= T I T L E  A M E N D M E N T ================
   32         And the title is amended as follows:
   33         Delete line 11
   34  and insert:
   35         application; amending s. 220.14, F.S.; increasing the
   36         amount of income that is exempt from taxation;
   37         amending s. 220.63, F.S.; amending the amount income
   38         that is exempt from the franchise tax imposed on banks
   39         and savings associations; providing effective dates.