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The Florida Statutes

The 2018 Florida Statutes

Title XIV
TAXATION AND FINANCE
Chapter 220
INCOME TAX CODE
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F.S. 220.1105
1220.1105 Tax imposed; automatic refunds and downward adjustments to tax rates.
(1) As used in this section, the term:
(a) “Net collections” means the total amount of taxes collected under this chapter by the department in the 2018-2019 fiscal year, including related interest and penalties, minus the total amount of refunds of taxes levied under this chapter and issued by the department in that fiscal year. No later than September 1, 2019, the Office of Economic and Demographic Research shall determine net collections for the 2018-2019 fiscal year.
(b) “Forecasted net collections” means the amount of net collections forecasted for the 2018-2019 fiscal year by the Revenue Estimating Conference on February 23, 2018.
(c) “Adjusted forecasted collections” means forecasted net collections for the 2018-2019 fiscal year multiplied by 1.07.
(d) “Tax rate imposed” is the tax rate as defined in ss. 220.11(2) and 220.63(2) adjusted as set forth in this section.
(2) The tax rate imposed shall be adjusted based on net collections in the 2018-2019 fiscal year. If the net collections exceed the adjusted forecasted collections, the tax rate imposed for taxable years beginning on or after January 1, 2019, shall be the tax rate imposed for taxable years beginning on or after January 1, 2018, multiplied by the quotient of the adjusted forecasted collections divided by the net collections. The resulting tax rate shall be rounded to the nearest thousandth and rounded down if the fourth digit to the right of the decimal point is the number five.
(3) By October 1, 2019, the Department of Revenue shall calculate the tax rate imposed, if it is to be adjusted pursuant to subsection (2), and shall on that same date report the results of such calculation to the Governor, the President of the Senate, and the Speaker of the House of Representatives.
(4) Any amount by which net collections exceed adjusted forecasted collections for the 2018-2019 fiscal year shall only be used to provide refunds to corporate income tax payers as follows:
(a) For purposes of this subsection:
1. “Eligible taxpayer” means a taxpayer whose taxable year begins between April 1, 2017, and March 31, 2018, and whose final tax liability for such taxable year is greater than zero.
2. “Excess collections” means the amount by which net collections for the 2018-2019 year exceed adjusted forecasted collections for that fiscal year.
3. “Final tax liability” means the taxpayer’s amount of tax due under this chapter for a taxable year, reported on a return filed pursuant to s. 220.222, including a return filed timely pursuant to a valid extension.
4. “Total eligible tax liability” means the sum of final tax liabilities of all eligible taxpayers.
5. “Taxpayer refund share” means an eligible taxpayer’s final tax liability as a percentage of the total eligible tax liability.
6. “Taxpayer refund” means the taxpayer refund share multiplied by the excess collections.
(b) No later than February 15, 2020, the department shall determine total eligible tax liability, the taxpayer refund share for each eligible taxpayer, and the taxpayer refund for each eligible taxpayer.
(c) No later than March 1, 2020, the department shall refund a taxpayer refund to each eligible taxpayer.
(5) Tax rate adjustments pursuant to this section are repealed for taxable years beginning on or after January 1, 2020.
History.s. 4, ch. 2018-119.
1Note.

A. Section 7, ch. 2018-119, provides that:

“(1) The Department of Revenue is authorized, and all conditions are deemed to be met, to adopt emergency rules pursuant to s. 120.54(4), Florida Statutes, for the purpose of implementing this act.

“(2) Notwithstanding any other provision of law, emergency rules adopted pursuant to subsection (1) are effective for 6 months after adoption and may be renewed during the pendency of procedures to adopt permanent rules addressing the subject of the emergency rules.

“(3) This section expires January 1, 2021.”

B. Section 8, ch. 2018-119, provides that “[t]his act shall take effect upon becoming a law and operate retroactively to January 1, 2018.”