(1) There is allowed a credit of 100 percent of an eligible contribution made to an eligible nonprofit scholarship-funding organization under s. 1002.395 against any tax due for a taxable year under this chapter after the application of any other allowable credits by the taxpayer. An eligible contribution must be made to an eligible nonprofit scholarship-funding organization on or before the date the taxpayer is required to file a return pursuant to s. 220.222. The credit granted by this section shall be reduced by the difference between the amount of federal corporate income tax taking into account the credit granted by this section and the amount of federal corporate income tax without application of the credit granted by this section.
(2) A taxpayer who files a Florida consolidated return as a member of an affiliated group pursuant to s. 220.131(1) may be allowed the credit on a consolidated return basis; however, the total credit taken by the affiliated group is subject to the limitation established under subsection (1).
(3) The provisions of s. 1002.395 apply to the credit authorized by this section.
(4) If a taxpayer applies and is approved for a credit under s. 1002.395 after timely requesting an extension to file under s. 220.222(2):
(a) The credit does not reduce the amount of tax due for purposes of the department’s determination as to whether the taxpayer was in compliance with the requirement to pay tentative taxes under ss. 220.222 and 220.32.
(b) The taxpayer’s noncompliance with the requirement to pay tentative taxes shall result in the revocation and rescindment of any such credit.
(c) The taxpayer shall be assessed for any taxes, penalties, or interest due from the taxpayer’s noncompliance with the requirement to pay tentative taxes.
History.—s. 9, ch. 2010-24; s. 1, ch. 2011-123; s. 7, ch. 2018-6.
Structure Florida Statutes
Title XIV - Taxation and Finance
Part II - Tax Imposed; Apportionment (Ss. 220.11-220.198)
220.1105 - Tax imposed; automatic refunds and downward adjustments to tax rates.
220.12 - “Net income” defined.
220.13 - “Adjusted federal income” defined.
220.131 - Adjusted federal income; affiliated groups.
220.15 - Apportionment of adjusted federal income.
220.151 - Apportionment; methods for special industries.
220.152 - Apportionment; other methods.
220.153 - Apportionment by sales factor.
220.16 - Allocation of nonbusiness income.
220.181 - Enterprise zone jobs credit.
220.182 - Enterprise zone property tax credit.
220.183 - Community contribution tax credit.
220.184 - Hazardous waste facility tax credit.
220.1845 - Contaminated site rehabilitation tax credit.
220.185 - State housing tax credit.
220.186 - Credit for Florida alternative minimum tax.
220.1875 - Credit for contributions to eligible nonprofit scholarship-funding organizations.
220.1876 - Credit for contributions to the New Worlds Reading Initiative.
220.1877 - Credit for contributions to eligible charitable organizations.
220.1895 - Rural Job Tax Credit and Urban High-Crime Area Job Tax Credit.
220.1899 - Entertainment industry tax credit.
220.19 - Child care tax credits.
220.191 - Capital investment tax credit.
220.1915 - Credit for qualified railroad reconstruction or replacement expenditures.
220.193 - Florida renewable energy production credit.
220.194 - Corporate income tax credits for spaceflight projects.
220.195 - Emergency excise tax credit.