221.01 Emergency excise tax; generally. - Florida Statutes

221.01 Emergency excise tax; generally.

   (1) The department shall charge and collect an emergency excise tax for each taxable year from every taxpayer liable for the tax imposed by, and required to file a return under, chapter 220, except for those taxpayers subject to s. 220.03(5)(c). The provisions of this chapter shall apply retroactively to all such taxpayers, effective to the effective date of s. 168 of the Internal Revenue Code of 1954, as amended.

   (2)(a) The amount of the tax shall be 2.2 percent of an amount equal to 2.5 times the remainder of 40 percent of the deduction allowed, in computing adjusted federal income as defined in s. 220.13, under s. 168 of the Internal Revenue Code of 1986, for assets placed in service after December 31, 1980, and before January 1, 1987, exclusive of any deduction allowed under s. 168(b)(3) and 60 percent of any amount subject to tax under s. 55(b)(2) of the Internal Revenue Code of 1986 apportioned to this state under s. 220.15 or allocated to this state under s. 220.16, minus any unused portion of the exemption provided for in s. 220.14 for the taxable year for which the return is required to be filed by chapter 220. For purposes of this paragraph “any amount subject to tax” includes only positive amounts that are taken into account in determining federal alternative minimum taxable income within the meaning of s. 55(b)(2) of the Internal Revenue Code of 1986 for those taxpayers paying Florida tax under s. 220.11(3).

   (b) If the taxpayer’s net income, as defined in s. 220.12, for the taxable year for which the return required by chapter 220 is filed is a net operating loss under chapter 220, excluding any net operating loss carryovers and carrybacks, the amount of the tax shall be 2.2 percent of an amount equal to 2.5 times the remainder of:

   1. Forty percent of the deduction allowed, in computing adjusted federal income as defined in s. 220.13, under s. 168 of the Internal Revenue Code of 1986, for assets placed in service after December 31, 1980, and before January 1, 1987, exclusive of any deduction allowed under s. 168(b)(3) of the Internal Revenue Code of 1986 apportioned to this state under s. 220.15 or allocated to this state under s. 220.16, minus any unused portion of the exemption provided for in s. 220.14 for the taxable year for which the return is required to be filed by chapter 220; minus

   2. The net operating loss, as apportioned to this state under s. 220.15, excluding any net operating loss carryovers and carrybacks.

   (c) If the taxpayer directly or indirectly owns an interest in a partnership, trust, or other entity which is not treated as an association taxable as a corporation under the Internal Revenue Code which owns property for which a deduction is allowed under s. 168 of the Internal Revenue Code of 1986, the taxpayer shall, for the purpose of computing the tax due under this section, include the taxpayer’s distributive share of any deduction allowed under s. 168 of the Internal Revenue Code of 1986, for assets placed in service after December 31, 1980, and before January 1, 1987, exclusive of any deduction allowed under s. 168(b)(3) of the Internal Revenue Code, which is attributable to such direct or indirect interest and which is apportioned to this state under s. 220.15 for the taxable year for which the return is required to be filed by chapter 220.

History. ss. 3, 8, ch. 82-232; ss. 4, 9, ch. 82-385; ss. 6, 8, ch. 82-399; s. 90, ch. 83-217; s. 16, ch. 83-297; ss. 15, 23, ch. 84-549; s. 55, ch. 85-342; s. 14, ch. 86-121; s. 19, ch. 87-99.