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The Florida Statutes

The 2009 Florida Statutes

Title XXXVII
INSURANCE
Chapter 624
INSURANCE CODE: ADMINISTRATION AND GENERAL PROVISIONS
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Section 624.51055, Florida Statutes 2009

624.51055  Credit for contributions to eligible nonprofit scholarship-funding organizations.--

(1)  There is allowed a credit of 100 percent of an eligible contribution made to an eligible nonprofit scholarship-funding organization as provided in s. 220.187 against any tax due for a taxable year under s. 624.509(1). However, such a credit may not exceed 75 percent of the tax due 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; credits for the emergency excise tax paid under chapter 221; and the credit allowed under s. 624.509(5), as such credit is limited by s. 624.509(6). An insurer claiming a credit against premium tax liability under this section shall not be required to pay any additional retaliatory tax levied pursuant to s. 624.5091 as a result of claiming such credit. Section 624.5091 does not limit such credit in any manner.

(2)  The provisions of s. 220.187 apply to the credit authorized by this section.

History.--s. 3, ch. 2009-108.


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