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Florida Statutes (Last Updated: April 21, 2021) |
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TITLE XIV. TAXATION AND FINANCE |
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CHAPTER 220. INCOME TAX CODE |
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PART II. TAX IMPOSED; APPORTIONMENT |
Latest version.
- 1(1) 2A taxpayer required to determine taxable income pursuant to s. 12220.13(2)(k) 13shall be allowed a credit against the tax imposed by this chapter in any subsequent taxable years.30(2) 31The credit pursuant to this section shall be the amount of the excess, if any, of the tax paid based upon taxable income determined pursuant to s. 58220.13(2)(k) 59over the amount of tax which would have been due based upon taxable income without application of s. 77220.13(2)(k), 78before application of this credit without application of any credit under s. 90220.187591.92(3) 93The amount of credit allowable in any subsequent taxable years shall not exceed the excess, if any, of the amount of tax computed under this chapter without application of s. 123220.13(2)(k) 124over the amount of tax computed with application of s. 134220.13(2)(k), 135whether or not such paragraph is required to compute taxable income for the year.
