Form Gt-800017 - Corporate Income Tax

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Corporate Income Tax
GT-800017
R. 01/15
Corporate income tax is imposed by
section (s.) 220.11, Florida Statutes (F.S.).
Who Must File?
All corporations (including tax-exempt organizations) doing business, earning income, or
existing in Florida.
Every bank and savings association doing business, earning income, or existing in Florida.
All associations or artificial entities doing business, earning income, or existing in Florida.
Foreign (out-of-state) corporations that are partners or members in a Florida partnership or
joint venture. A “Florida partnership” is a partnership doing business, earning income, or existing
in Florida.
A limited liability company (LLC) classified as a corporation for Florida and federal income
tax purposes is subject to the Florida Income Tax Code and must file a Florida corporate
income tax return.
An LLC classified as a partnership for Florida and federal income tax purposes must file a
Florida Partnership Information Return (Florida Form F-1065) if one or more of its owners is a
corporation. In addition, the corporate owner of an LLC classified as a partnership for Florida
and federal income tax purposes must file a Florida corporate income tax return.
A single member LLC disregarded for Florida and federal income tax purposes is not required
to file a separate Florida corporate income tax return. The income must be reported on the
owner’s return if the single member LLC is owned, directly or indirectly, by a corporation. The
corporation must file Florida Form F-1120, reporting its own income and the income of the
single member LLC, even if the only activity of the corporation is ownership of the single
member LLC.
Homeowner and condominium associations that file federal Form 1120 (U.S. Corporation
Income Tax Return) must file Florida Forms F-1120 or F-1120A regardless of whether any tax
may be due. If you file federal Form 1120-H (U.S. Income Tax Return for Homeowners
Associations), you are not required to file a Florida return.
Political organizations that file federal Form 1120-POL.
S corporations that pay federal income tax on Line 22c of federal Form 1120S.
Tax-exempt organizations that have “unrelated trade or business taxable income” for federal
income tax purposes are subject to Florida corporate income tax and must file either Florida
Form F-1120 or F-1120A.
All corporations and other organizations listed here must file a return even if no tax is due.
Tax Base and Rate
Florida corporate income tax liability is computed using federal taxable income, modified by
certain Florida adjustments, to determine adjusted federal income.
A corporation doing business outside Florida may apportion its total income. Adjusted
federal income is apportioned to Florida using a three-factor formula. The formula is a
weighted average, designating 25 percent each to factors for property and payroll, and
50 percent to sales.
You should add non-business income allocated to Florida to the Florida portion of
adjusted federal income.
Florida Department of Revenue, Corporate Income Tax, Page 1

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