Fla. Stat. § 624.51057

Current through the 2024 Legislative Session

Section 624.51057 - Credit for contributions to eligible charitable organizations

Section 51, ch. 2021-31, provides that:

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

"(a) The amendment made by this act to s. 212.06, Florida Statutes;

"(b) The provisions related to the Strong Families Tax Credit created by this act; and

"(c) The provisions related to the Florida Internship Tax Credit Program created by this act.

"(2) Notwithstanding any other 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 shall take effect upon this act becoming a law and expires January 1, 2025."

(1) For taxable years beginning on or after January 1, 2021, there is allowed a credit of 100 percent of an eligible contribution made to an eligible charitable organization under s. 402.62 against any tax due for a taxable year under s. 624.509(1) after deducting from such tax deductions for assessments made pursuant to s. 440.51; credits for taxes paid under ss. 175.101 and 185.08; credits for income taxes paid under chapter 220; and the credit allowed under s. 624.509(5), as such credit is limited by s. 624.509(6). An eligible contribution must be made to an eligible charitable organization on or before the date the taxpayer is required to file a return pursuant to ss. 624.509 and 624.5092. An insurer claiming a credit against premium tax liability under this section is not required to pay any additional retaliatory tax levied under s. 624.5091 as a result of claiming such credit. Section 624.5091 does not limit such credit in any manner.

(2) Section 402.62 applies to the credit authorized by this section.

Fla. Stat. § 624.51057

s.42, ch. 2021-31; s.53, ch. 2022-4; s.36, ch. 2022-97.

Amended by 2022 Fla. Laws, ch. 97, s 36, eff. 5/6/2022, op. retroactively to 1/1/2021.

Amended by 2022 Fla. Laws, ch. 4, s 53, eff. 5/13/2022.

Added by 2021 Fla. Laws, ch. 31, s 42, eff. 7/1/2021.