The 2023 Florida Statutes (including Special Session C)

Title XIV
TAXATION AND FINANCE

Chapter 220
INCOME TAX CODE

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F.S. 220.63

220.63 Franchise tax imposed on banks and savings associations.—

(1) A franchise tax measured by net income is hereby imposed on every bank and savings association for each taxable year commencing on or after January 1, 1973.

(2)(a) The tax imposed by this section shall be an amount equal to 51/2 percent of the franchise tax base of the bank or savings association for the taxable year, except as provided in paragraph (b).

(b) The tax rate imposed in paragraph (a) shall be adjusted as provided in s. 220.1105.

(3) For purposes of this part, the franchise tax base shall be adjusted federal income, as defined in s. 220.13, apportioned to this state, plus nonbusiness income allocated to this state pursuant to s. 220.16, less the deduction allowed in subsection (5) and less $50,000.

(4) Nothing contained in this part shall be construed to prohibit a savings association, in computing its franchise tax base, from claiming the maximum deduction allowed under s. 593 of the Internal Revenue Code.

(5) There shall be allowed as a deduction from adjusted federal income, to the extent not deductible in determining federal taxable income or subtracted pursuant to s. 220.13(1)(b)2., the eligible net income of an international banking facility determined as follows:

(a) The “eligible net income of an international banking facility” is the amount remaining after subtracting from the eligible gross income the applicable expenses.

(b) The “eligible gross income” is the gross income derived by an international banking facility from:

1. Making, arranging for, placing, or servicing loans to foreign persons, provided, however, that in the case of a foreign person which is an individual, a foreign branch of a domestic corporation (other than a bank or savings association), or a foreign corporation or a foreign partnership which is 80 percent or more owned or controlled, either directly or indirectly, by one or more domestic corporations (other than banks or savings associations), domestic partnerships, or resident individuals, substantially all the proceeds of the loan are for use outside the United States;

2. Making or placing deposits with foreign persons which are banks or savings associations or foreign branches of banks or savings associations, including foreign subsidiaries or foreign branches of the taxpayer, or with other international banking facilities; or

3. Entering into foreign exchange trading or hedging transactions in connection with the activities described in this paragraph.

However, the term “eligible gross income” does not include any amount derived by an international banking facility from making, arranging for, placing, or servicing loans or making or placing deposits if the loans or deposits of funds are secured by mortgages, deeds of trust, or other liens upon real property located in this state.

(c) The “applicable expenses” are any expenses or other deductions attributable, directly or indirectly, to the eligible gross income described in paragraph (b).

History.—s. 8, ch. 72-278; s. 2, ch. 73-152; s. 6, ch. 81-179; s. 9, ch. 83-349; ss. 8, 12, 22, ch. 84-549; s. 102, ch. 91-112; s. 6, ch. 2011-229; s. 11, ch. 2012-32; s. 24, ch. 2016-10; s. 6, ch. 2018-119.

F.S. 220.63 on Google Scholar

F.S. 220.63 on Casetext

Amendments to 220.63

Arrestable Offenses / Crimes under Fla. Stat. 220.63

Level: Degree
Misdemeanor/Felony: First/Second/Third

Current data shows no reason an arrest or criminal charge should have occurred directly under Florida Statute 220.63.

Annotations, Discussions, Cases:

Cases from cite.case.law:

NEBRASKA, DEP T OF HEALTH HUMAN SVS. v. UNITED STATES DEPARTMENT OF HEALTH AND HUMAN SERVICES, 340 F. Supp. 2d 1 (D.D.C. 2004)

. . . . §§ 220.10 & 220.63(b) (1977). . . .

DEPARTMENT OF REVENUE, v. FIRST UNION NATIONAL BANK OF FLORIDA,, 513 So. 2d 114 (Fla. 1987)

. . . challenging the validity of the franchise tax imposed on banks and savings associations by section 220.63 . . . Section 220.63, Florida Statutes (1985), states in pertinent part: (1) A franchise tax measured by net . . . The court concluded that section 220.63 was the equivalent of an income tax and thereby invalid to the . . . Section 220.63 only falls within the exception contained in 31 U.S.C. § 3124 if it is a “nondiscriminatory . . . Federal obligations are included in the tax base by section 220.63(3), which adopts the definition of . . .

FIRST UNION NATIONAL BANK OF FLORIDA, a a v. FLORIDA DEPARTMENT OF REVENUE, D., 502 So. 2d 964 (Fla. Dist. Ct. App. 1987)

. . . on appeal from a summary judgment entered in favor of ap-pellees upholding the validity of Section 220.63 . . . Section 220.63, Florida Statutes, is in pertinent part as follows: (1) A franchise tax measured by net . . . [emphasis added] Appellants claim that the tax levied upon banks by Section 220.63 does not fall within . . . On the contrary, the tax imposed by Section 220.63 operates in the same manner as the Florida corporate . . . Section 220.63(2), Florida Statutes (1979), imposed a five percent tax which was increased to five and . . .

In McLEOD, 5 B.R. 520 (Bankr. N.D. Ga. 1980)

. . . on the secured portion of its claim being payable in twenty-two (22) equal monthly installments of $220.63 . . .

UNITED STATES v. W. HEIDER, Sr. E., 231 F. Supp. 223 (D. Or. 1964)

. . . Defendants’ claim for a depreciation allowance of $220.63 on the ’ Van Vleck property should be allowed . . . The result of proof on these issues reduces 1953 income by $220.63. . . .

v., 24 B.T.A. 262 (B.T.A. 1931)

. . . the peti-. tioner’s income taxes for 1919, 1920, 1921, 1922 and 1923 in the respective amounts of $220.63 . . .

W. v. J. v. P. v., 20 B.T.A. 305 (B.T.A. 1930)

. . . Cameron, one of the petitioners herein, realized a gain of $220.63 upon the redemption in that year by . . . Denegre for a period of more than two years. (7) Respondent has taxed the gain of $220.63 realized by . . .

C. S. MOREY MERCANTILE CO. v. SCHIFFER, 114 F. 447 (8th Cir. 1902)

. . . below ordered the disallowance of this claim unless the creditor should surrender to the trustee the $220.63 . . . Before the enforcement of the payment of the $220.63 which this creditor received about October 1, 1901 . . . The payment of the $220.63 was followed by the sale and delivery of goods to the debtor of the value . . . It was doubtless the payment of this $220.63 in September and October, 1900, that induced this creditor . . . In the second place, if the payment of the $220.63 had worked a preference, this creditor would have . . .