The Florida Senate

608.471  Tax exemption on income of certain limited liability companies.--

(1)  A limited liability company classified as a partnership for federal income tax purposes and organized pursuant to this chapter or qualified to do business in this state as a foreign limited liability company is not an "artificial entity" within the purview of s. 220.02 and is not subject to the tax imposed under chapter 220.

(2)  The income of a limited liability company that is classified as a partnership for federal income tax purposes and that is organized pursuant to this chapter or is qualified to do business in this state as a foreign limited liability company shall not be subject to the Florida Income Tax Code and the tax levied pursuant to chapter 220.

(3)  For purposes of taxation under chapter 220, a limited liability company formed in this state or authorized to transact business in this state as a foreign limited liability company shall be classified as a partnership unless classified otherwise for federal income tax purposes, in which case the limited liability company shall be classified identically to its classification for federal income tax purposes. For purposes of taxation under chapter 220, a member or an assignee of a member of a limited liability company formed in this state or qualified to do business in this state as a foreign limited liability company shall be treated as a resident or nonresident partner unless classified otherwise for federal income tax purposes, in which case the member or assignee of a member shall have the same status as such member or assignee of a member has for federal income tax purposes.

History.--s. 2, ch. 82-177; s. 73, ch. 83-216; s. 58, ch. 93-284; s. 14, ch. 98-101.