Florida Senate - 2012                        COMMITTEE AMENDMENT
       Bill No. HB 7087, 2nd Eng.
       
       
       
       
       
       
                                Barcode 783522                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                   Comm: OO            .                                
                  03/07/2012           .                                
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       The Committee on Budget Subcommittee on Finance and Tax (Norman)
       recommended the following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 410 - 444
    4  and insert:
    5  code, there shall be exempt from the tax $50,000 $25,000 of net
    6  income as defined in s. 220.12 or such lesser amount as will,
    7  without increasing the taxpayer’s federal income tax liability,
    8  provide the state with an amount under this code which is equal
    9  to the maximum federal income tax credit which may be available
   10  from time to time under federal law.
   11         Section 7. Effective January 1, 2013, and applying to tax
   12  years beginning or after January 1, 2013, subsection (3) of
   13  section 220.63, Florida Statutes, is amended to read:
   14         220.63 Franchise tax imposed on banks and savings
   15  associations.—
   16         (3) For purposes of this part, the franchise tax base shall
   17  be adjusted federal income, as defined in s. 220.13, apportioned
   18  to this state, plus nonbusiness income allocated to this state
   19  pursuant to s. 220.16, less the deduction allowed in subsection
   20  (5) and less $50,000 $25,000.
   21  
   22  ================= T I T L E  A M E N D M E N T ================
   23         And the title is amended as follows:
   24         Delete lines 26 - 32
   25  and insert:
   26         income tax; amending s. 220.63, F.S.; increasing the
   27         amount of income that is exempt from the franchise tax
   28         imposed on banks and savings associations; amending s.
   29         288.1254, F.S.;