Florida Administrative Code
12 - DEPARTMENT OF REVENUE
12C - Corporate, Estate and Intangible Tax
Chapter 12C-1 - CORPORATE INCOME TAX
Section 12C-1.012 - Net Income Defined

(1) For a taxpayer doing business within and without the state, net income shall be the portion of the taxpayer's adjusted federal income for the taxable year which is apportioned to Florida under section 220.15, F.S., plus the taxpayer's nonbusiness income for the taxable year which is allocated to Florida under section 220.16, F.S., less the allowable deduction for child-care facility start-up costs, less the amount of the exemption allowed the taxpayer under section 220.14, F.S.

(2) For a taxpayer only doing business within the state, net income shall be the taxpayer's adjusted federal income for the taxable year plus the taxpayer's nonbusiness income for the taxable year which is allocated to Florida under section 220.16, F.S., less the allowable deduction for child-care facility start-up costs, less the amount of the exemption allowed the taxpayer under section 220.14, F.S.

(3) For the purpose of determining the deduction authorized by section 220.63(5), F.S., any bank or banking organization, as defined in section 220.62(1) or (4), F.S., is deemed to be an "international banking facility" to the extent that its eligible asset and liability accounts are segregated, or are capable of being segregated, whether or not such status has been established under any other applicable state or federal law.