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Florida Administrative Code (Last Updated: April 18, 2024) |
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12. Department of Revenue |
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12C. Corporate, Estate and Intangible Tax |
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12C-1. Corporate Income Tax |
1(1) For a taxpayer doing business within and without the state, net income shall be the portion of the taxpayer’s adjusted federal income for the taxable year which is apportioned to Florida under Section 35220.15, F.S., 37plus the taxpayer’s nonbusiness income for the taxable year which is allocated to Florida under Section 53220.16, F.S., 55less the allowable deduction for child-care facility start-up costs, less the amount of the exemption allowed the taxpayer under Section 75220.14, F.S.
77(2) For a taxpayer only doing business within the state, net income shall be the taxpayer’s adjusted federal income for the taxable year plus the taxpayer’s nonbusiness income for the taxable year which is allocated to Florida under Section 116220.16, F.S., 118less the allowable deduction for child-care facility start-up costs, less the amount of the exemption allowed the taxpayer under Section 138220.14, F.S.
140(3) For the purpose of determining the deduction authorized by Section 151220.63(5), F.S., 153any bank or banking organization, as defined in Section 162220.62(1) 163or (4), F.S., is deemed to be an “international banking facility” to the extent that its eligible asset and liability accounts are segregated, or are capable of being segregated, whether or not such status has been established under any other applicable state or federal law.
208(a) For the purpose of the sales factor used for apportionment, the “eligible gross income” giving rise to the deduction under Section 230220.63(5), F.S., 232shall be excluded from both the numerator and denominator. Additionally, where the income from these assets is a loss, the removal of amounts from the taxable base will result in an addition to taxable income.
267(b) Generally, the phrase “eligible asset and liability accounts” includes only international banking facility deposits, borrowings and extensions of credit as these terms are defined by the Florida Department of Banking and Finance.
300Rulemaking Authority 302213.06(1), 303220.51 FS. 305Law Implemented 307220.12, 308220.13, 309220.14, 310220.15, 311220.16, 312220.63(5) FS. 314History–New 10-20-72, Amended 12-18-83, Formerly 12C-1.12, Amended 12-21-88, 4-8-92.
