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Florida Department of Revenue Form DR-908 Instructions

DR-908N

R. 01/18

Page 7

Lines 2 and 3. Firefighters’ and Municipal Police Officers’

Schedule V

Retirement Fund Credits

Corporate Income, Salary and SFO Credit Limitation

Enter the total taxes computed from Schedules XII-B and

Under s. 624.509(4) and (5), F.S., the corporate income tax

XIII-B, respectively, onto Lines 2 and 3 respectively.

paid by an insurer shall be credited against, and to the extent

Line 4. Corporate Income Tax Paid

thereof shall discharge, the liability for the insurance premium

Enter the total amount paid from Florida Form F-1120,

tax, and a credit of 15 percent (.15) of the amount paid by

Line 13 for corporate income tax reported on the return due

an insurer in salaries to employees located or based within

during calendar year 2017. The credit granted for corporate

the State of Florida and who are covered by the provisions

income tax is available for the annual period in which such

of Chapter 443, F.S., by the insurer filing this return, shall be

tax payments are made. Payments of estimated income tax

allowed against the net tax imposed by s. 624.509, F.S.

under Chapter 220, F.S., shall be deemed paid either at the

time the insurer actually files its annual returns under Chapter

The total of the credit granted for the corporate income

220, F.S., or at the time such returns are required to be filed,

tax paid by an insurer and the salary tax credit granted

whichever occurs first.

shall not exceed 65 percent (.65) of the premium tax due

after deductions taken for the excise taxes paid to fund the

If a consolidated corporate income tax return is filed, enter

Firefighters’ and Municipal Police Officers’ Retirement Trust

the insurance company’s pro rata share of the consolidated

Funds, and for the Workers’ Compensation Assessment.

income tax paid. Each company in the affiliated group with

positive income is allocated a share of the income tax paid.

Line 1. Total Corporate Income Tax Paid

An insurance company with positive income is allocated part

Enter the total corporate income tax paid from Florida Form

of the consolidated income tax paid based on its positive

F-1120, Line 13. For corporations filing on a consolidated

Florida income after additions and subtractions (before

basis, each individual corporation’s share of the consolidated

apportionment) over the total income of all companies within

income tax paid must be computed. A schedule of how

the affiliated group with positive Florida income after additions

the consolidated income tax paid is allocated among

and subtractions (before apportionment). This ratio is used

the consolidated filers should be attached to the return.

to allocate the consolidated income tax paid by the affiliated

The individual credits claimed cannot exceed the total

group to the members of the group with positive income.

corporate income tax paid on the consolidated basis. For

more information, see the instructions for Schedule IV, Line 4.

For example, Company A ($100,000 positive income after

Florida additions and subtractions and before apportionment),

Line 2. Corporate Income Tax Credit Taken Against Wet

Company B ($100,000 positive income after Florida additions

Marine and Transportation Insurance Tax

and subtractions and before apportionment), and Company C

Enter the credit taken on Schedule XI, Line 5, for corporate

($50,000 loss after Florida additions and subtractions and

income tax.

before apportionment) filed a Florida consolidated corporate

Line 3. Eligible Net Corporate Income Tax

income tax return and paid $5,000 in tax. Company C is not

Subtract Line 2 from Line 1 in order to determine the eligible

allocated any of the consolidated corporate income tax paid

net corporate income tax.

because it did not have any positive income. Company A is

allocated $2,500 ($100,000/ $200,000 X $5,000). Company B

Line 4. Salary Credit

is allocated $2,500 ($100,000/ $200,000 X $5,000).

Enter the salary credit computed on Schedule IV, Line 8.

Line 5. Total (Net Tax)

Line 5. Total Premium Tax Due

Subtract Lines 2 through 4 from Line 1 and enter the

Enter the total premium tax due from Schedule I, Line 12.

difference. This is the net tax figure to be used for comparison

Line 6. Workers’ Compensation Administrative

purposes. If zero or less, enter -0-.

Assessment Credit

Line 6. Eligible Florida Salaries

Enter the credit computed on Schedule VI, Line 4.

Enter the total eligible Florida salaries. The insurer claiming

Lines 7 and 8. Firefighters’ and Municipal Police Officers’

the credit must be the employer of the claimed employees and

Retirement Trust Fund Credit

must have satisfied the filing requirements of Chapter 73B-10,

F.A.C.

Enter the total excise taxes paid from Schedules XII-B and

XIII-B onto Lines 7 and 8, respectively.

If the taxpayer is covered by an election for the alternative

salary credit calculation under s. 624.509(5)(a)2., F.S., enter

Line 9. Premium Tax Due After Deductions

the allocated amount of the affiliated group’s eligible salaries

Subtract the amounts on Lines 6, 7, and 8 from the Total

to the individual entity on Line 6.

Premium Tax Due on Line 5.

Line 7. Computation of Credit

Line 10. Limitation of 65 Percent

Multiply the total eligible Florida salaries from Line 6 by 15

Multiply Line 9 by 65 percent (.65) and enter the result.

percent (.15). Enter the result.

Line 11. Eligible Corporate Income Tax

Line 8. Salary Credit (Available)

Enter the lesser of Line 3 or the limitation computed on

Enter the lesser of Line 5 or Line 7 here and on Schedule V,

Schedule V, Line 10. If zero or less, enter -0-.

Line 4, as the total available salary credit cannot exceed the

Line 12. Salary Tax Credit

net tax as computed on Line 5. If zero or less, enter -0-.

Enter the lesser of Line 4 or the difference between Lines 10

and 11. Lines 11 and 12 are to be entered on Schedule III,

Lines 4 and 5 respectively. If zero or less, enter -0-. If

Instructions For Form Dr-908n - Florida Insurance Premium Taxes And Fees Return - 2018 Page 7

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