§ 220.186, Fla. Stat. · Part II. TAX IMPOSED; APPORTIONMENT
Credit for Florida alternative minimum tax.
Text — 2026 Florida Statutes
(1) A taxpayer required to determine taxable income pursuant to s. 220.13(2)(k) shall be allowed a credit against the tax imposed by this chapter in any subsequent taxable years.
(2) The credit pursuant to this section shall be the amount of the excess, if any, of the tax paid based upon taxable income determined pursuant to s. 220.13(2)(k) over the amount of tax which would have been due based upon taxable income without application of s. 220.13(2)(k), before application of this credit without application of any credit under s. 220.1875, s. 220.1876, s. 220.1877, or s. 220.1878.
(3) The amount of credit allowable in any subsequent taxable years shall not exceed the excess, if any, of the amount of tax computed under this chapter without application of s. 220.13(2)(k) over the amount of tax computed with application of s. 220.13(2)(k), whether or not such paragraph is required to compute taxable income for the year.
Notes and commentary — not statutory text
History
s. 15, ch. 87-99; s. 16, ch. 90-203; s. 1, ch. 2009-108; s. 8, ch. 2010-24; s. 32, ch. 2021-31; s. 6, ch. 2021-193; s. 20, ch. 2023-17.
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=0200-0299/0220/0220.html
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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
- § 220.13, Fla. Stat.“Adjusted federal income” defined.Printed as s. 220.13(2)(k)
- § 220.1875, Fla. Stat.Credit for contributions to eligible nonprofit scholarship-funding organizations.Printed as s. 220.1875
- § 220.1876, Fla. Stat.Credit for contributions to the New Worlds Reading Initiative.Printed as s. 220.1876
- § 220.1877, Fla. Stat.Credit for contributions to eligible charitable organizations.Printed as s. 220.1877
Cited by 1 provision
Provisions in this library whose text cites § 220.186, Fla. Stat.. Each shows the citation as that text prints it.
The Florida Statutes
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.