Florida Senate - 2014              PROPOSED COMMITTEE SUBSTITUTE
       Bill No. SB 134
       
       
       
       
       
                               Ì383212qÎ383212                          
       
       576-03650-14                                                    
       Proposed Committee Substitute by the Committee on Appropriations
       (Appropriations Subcommittee on Finance and Tax)
    1                        A bill to be entitled                      
    2         An act relating to tax-exempt income; amending s.
    3         220.14, F.S.; increasing the amount of income that is
    4         exempt from the corporate income tax; amending s.
    5         220.63, F.S.; increasing the amount of income that is
    6         exempt from the franchise tax imposed on banks and
    7         savings associations; providing 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, $75,000 there shall be exempt from the tax $50,000 of net
   17  income as defined in s. 220.12 is exempt from the tax or such
   18  lesser amount as will, without increasing the taxpayer’s federal
   19  income tax liability, provide the state with an amount under
   20  this code which is equal to the maximum federal income tax
   21  credit which may be available from time to time under federal
   22  law.
   23         Section 2. Subsection (3) of section 220.63, Florida
   24  Statutes, is amended to read:
   25         220.63 Franchise tax imposed on banks and savings
   26  associations.—
   27         (3) For purposes of this part, the franchise tax base is
   28  shall be adjusted federal income, as defined in s. 220.13,
   29  apportioned to this state, plus nonbusiness income allocated to
   30  this state pursuant to s. 220.16, less the deduction allowed in
   31  subsection (5) and less $75,000 $50,000.
   32         Section 3. This act applies to taxable years beginning on
   33  or after January 1, 2015.
   34         Section 4. This act shall take effect January 1, 2015.