§ 211.0252, Fla. Stat. · Part I. TAX ON PRODUCTION OF OIL AND GAS
Credit for contributions to the New Worlds Reading Initiative.
Text — 2026 Florida Statutes
Beginning January 1, 2022, there is allowed a credit of 100 percent of an eligible contribution made to the New Worlds Reading Initiative under s. 1003.485 against any tax due under s. 211.02 or s. 211.025. However, the combined credit allowed under this section and s. 211.0251 may not exceed 50 percent of the tax due on the return on which the credit is taken. If the combined credit allowed under this section and s. 211.0251 exceeds 50 percent of the tax due on the return, the credit must first be taken under s. 211.0251. Any remaining liability must be taken under this section, but may not exceed 50 percent of the tax due. For purposes of the distributions of tax revenue under s. 211.06, the department shall disregard any tax credits allowed under this section to ensure that any reduction in tax revenue received which is attributable to the tax credits results only in a reduction in distributions to the General Revenue Fund. Section 1003.485 applies to the credit authorized by this section.
Notes and commentary — not statutory text
History
s. 2, ch. 2021-193.
Note 1
Note.—Section 12, ch. 2021-193, provides that “[t]he Department of Revenue is authorized, and all conditions are deemed met, to adopt emergency rules under s. 120.54(4), Florida Statutes, for the purpose of implementing provisions related to the New Worlds Reading Initiative Tax Credit created by this act. Notwithstanding any other law, emergency rules adopted under this section 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.”
Source of truth
- Edition
- 2026 Florida Statutes
- Official file
- https://www.leg.state.fl.us/Statutes/index.cfm?App_mode=Display_Statute&URL=0200-0299/0211/0211.html
- Text hash
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- 1 footnote reference mark(s) are omitted from the text; the notes they mark are under Notes
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
The Florida Statutes
- § 211.02, Fla. Stat.Oil production tax; basis and rate of tax; tertiary oil and mature field recovery oil.Printed as s. 211.02
- § 211.025, Fla. Stat.Gas production tax; basis and rate of tax.Printed as s. 211.025
- § 211.0251, Fla. Stat.Credit for contributions to eligible nonprofit scholarship-funding organizations.Printed as s. 211.0251
- § 211.06, Fla. Stat.Oil and Gas Tax Trust Fund; distribution of tax proceeds.Printed as s. 211.06
Cited by 2 provisions
Provisions in this library whose text cites § 211.0252, Fla. Stat.. Each shows the citation as that text prints it.
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