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                                                                                                                       F-1120N
                                               Instructions for                                                        R. 01/24
                                                                                                                       TC 04/24
                   Corporate Income/Franchise Tax Return                                                      Rule 12C-1.051, F.A.C.
                                                                                                                       Effective 01/24
                                      for taxable years beginning                                                      Page 1 of 17
                                      on or after January 1, 2023

What's New?
Internship Tax Credit Renamed Experiential                       Save Time and Paperwork with Electronic Filing
Learning Tax Credit Program; Program 
Availability Expanded                                            You can file and pay your Florida corporate income tax return 
A credit is available against Florida corporate income tax       (Florida Form F-1120) electronically through the Internal 
for employing apprentices, preapprentices, and student           Revenue Service’s (IRS) Modernized e-File (MeF) Program 
interns during taxable years that begin in calendar years        using electronic transmitters approved by the IRS and the 
2022 through 2025. The credit is $2,000 per apprentice,          Florida Department of Revenue. The Department also has 
preapprentice, or student intern up to a maximum of five         an online application for corporate income tax payments and 
apprentices, preapprentices, or student interns per year. To     filing Florida forms F-1120A (Florida Corporate Short Form 
learn more about this credit, or to submit your application, go  Income Tax Return), F-1120ES (Declaration/Installment of 
to floridarevenue.com/taxes/cit and under Tax Incentives         Florida Estimated Income/Franchise Tax), and F-7004 (Florida 
select the Corporate Income Tax Incentives webpage link. The     Tentative Income/Franchise Tax Return and Application for 
Department of Revenue must approve this credit before it can     Extension of Time to File Return).
be taken. Unused credits may be carried forward up to two (2)    You must file and pay electronically if you paid $5,000 or 
taxable years.                                                   more in corporate income tax during the State of Florida’s 
                                                                 prior fiscal year (July 1 – June 30). You must also file and 
Live Local Program Credit                                        pay electronically if you were required to file your federal 
A credit is available against the corporate income tax for 
                                                                 income tax return electronically.
contributions to the Florida Housing Finance Corporation 
under the Live Local Program. To learn more about this credit,   We encourage you to enroll for eServices. When you enroll in 
or to submit your application, go to                             our eServices program you will receive a user ID and password. 
floridarevenue.com/taxes/cit and under Tax Incentives,           Advantages to enrolling are:
select the Corporate Income Tax Incentives webpage link. The        •  your bank account and contact information are saved
Department of Revenue must approve an allocation of this            •  the ability to view your filing history
credit before it can be taken. Unused credits may be carried        •  the ability to reprint your returns
forward up to ten (10) taxable years.                               •  the ability to view bills posted to your account
Credit for Qualified Railroad Reconstruction or                  Please visit the Department’s website at 
                                                                 floridarevenue.com/taxes/eservices for more information.
Replacement Expenditures
A credit is available against Florida corporate income tax       If you change your business name, location or mailing 
equal to 50% of a qualifying railroad’s qualified expenditures   address, or close or sell your business, immediately 
in Florida during the taxable year, with certain limitations. To notify the Department. The quickest way to notify us is 
learn more about this credit, go to                              online. Go to floridarevenue.com/taxes/updateaccount.
floridarevenue.com/taxes/cit and under Tax Incentives, 
select the Corporate Income Tax Incentives webpage link. 
Unused credits may be carried forward up to five (5) taxable 
years.

Credit for Manufacturing of Human Breast Milk                      What’s Inside
Derived Human Milk Fortifiers
A credit is available against Florida corporate income tax       u Who Must File .................................. p. 2
equal to 50% of the cost of equipment purchased for use 
in the production of human breast milk derived human milk        u When to File and Pay ...................... p. 2
fortifiers. To learn more about this credit, or to submit your   u Estimated Tax .................................. p. 4
application, go to floridarevenue.com/taxes/cit and under 
Tax Incentives, select the Corporate Income Tax Incentives       u Special Instructions ........................ p. 4
webpage link. The Department of Revenue must approve this 
credit before it can be taken. Unused credits may be carried     u Line-by-Line Instructions  .............. p. 5
forward up to five (5) taxable years.                            u Contact Us .......................................p. 17

                                      floridarevenue.com



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                                                                                                                             F-1120N
                                                                                                                             R. 01/24
                                                                                                                       Page 2 of 17

   Who Must File a Florida Corporate                              •  It is not included in a Florida or federal consolidated corporate 
                                                                  income tax return.
   Income/Franchise Tax Return?                                   •  It claims no tax credits other than tentative tax payments or 
                                                                  estimated tax payments.
• All corporations (including tax-exempt organizations) doing 
  business, earning income, or existing in Florida.               Using Software to Prepare Your Return
                                                                  If you use commercial software to prepare and file your paper 
• Every bank and savings association doing business,              return:
  earning income, or existing in Florida.                         •  The Florida Department of Revenue must approve all vendor 
• All associations or artificial entities doing business,         software that develops paper tax forms. Ask the vendor for 
  earning income, or existing in Florida.                         proof that you are using approved software.
                                                                  •  Make sure that the software is for the correct year. You 
• Foreign (out-of-state) corporations that are partners or        cannot use 2022 software to produce 2023 tax forms.
  members in a Florida partnership or joint venture. A “Florida 
  partnership” is a partnership doing business, earning income,   Visit floridarevenue.com/taxes/eservices and select “Software 
  or existing in Florida.                                         Vendors for eFiling” to obtain a list of approved software 
                                                                  vendors.
• A limited liability company (LLC) classified as a 
  corporation for Florida and federal income tax purposes 
  is subject to the Florida Income Tax Code and must file a               When to File and Pay
  Florida corporate income tax return.
• An LLC classified as a partnership for Florida and federal      When is Florida Form F-1120 Due?
  income tax purposes must file a Florida Partnership Information Generally, Florida Form F-1120 is due the later of:
  Return (Florida Form F-1065) if one or more of its owners       (1) For tax years ending June 30, the due date is on or before 
  is a corporation. In addition, the corporate owner of an LLC    the first day of the fourth month following the close of the tax 
  classified as a partnership for Florida and federal income tax  year. For all other tax year endings, the due date is on or before 
  purposes must file a Florida corporate income                   the first day of the fifth month following the close of the tax year. 
     tax return.                                                  For example, for a taxpayer with a tax year that ends
• A single member LLC disregarded for Florida and federal         December 31, 2023, the Florida Form F-1120 is due on or 
  income tax purposes is not required to file a separate Florida  before May 1, 2024;  or
  corporate income tax return. The income must be reported        (2) The 15th day following the due date, without extension, for 
  on the owner’s return if the single member LLC is owned,        the filing of the related federal return for the taxable year. For 
  directly or indirectly, by a corporation. The corporation must  example, if the federal return is due on May 15, the related 
  file Florida Form F-1120, reporting its own income and the      Florida Form F-1120 is due on June 1.
  income of the single member LLC, even if the only activity of 
  the corporation is ownership of the single member LLC.          You must file a return, even if no tax is due.
• Homeowner and condominium associations that file                If the due date falls on a Saturday, Sunday, or federal or state 
  federal Form 1120 (U.S. Corporation Income Tax Return)          holiday, the return is considered to be filed on time if postmarked 
  must file Florida Form F-1120 or F-1120A regardless of          on the next business day. For a calendar of filing due dates for 
  whether any tax may be due. If you file federal Form 1120-H     Florida corporate income tax returns, go to 
  (U.S. Income Tax Return for Homeowners Associations), you       floridarevenue.com/taxes/cit/duedates.
  are not required to file a Florida return.
                                                                  If you electronically pay, you must initiate electronic payments 
• Political organizations that file federal Form 1120-POL.        and receive a confirmation number no later than 5 p.m. ET 
                                                                  on the business day prior to the due date to avoid penalty 
• S corporations that pay federal income tax on Line 23c of       and interest. See the Florida eServices Calendar of Electronic 
  federal Form 1120S.                                             Payment Deadlines (DR-659) at floridarevenue.com/forms in 
• Tax-exempt organizations that have “unrelated trade or          the eServices section for due dates. 
  business taxable income” for federal income tax purposes are    Note: A late-filed return will subject a corporation to penalty, 
  subject to Florida corporate income tax and must file either    whether or not tax is due.
  Florida Form F-1120 or F-1120A.
                                                                  Extension of Time to File
Who is Eligible to File Florida Form F-1120A?                     To apply for an extension of time for filing Florida Form F-1120, 
Corporations or other entities subject to Florida corporate       you must complete Florida Form F-7004, Florida Tentative 
income tax must file Florida Form F-1120 unless qualified to file Income/Franchise Tax Return and Application for Extension 
Florida Corporate Short Form Income Tax Return, Florida Form      of Time to File Return. To obtain Florida Form F-7004, see 
F-1120A.                                                          "Contact Us" on page 17.
A corporation qualifies to file Florida Form F-1120A if it meets  You can file Florida Form F-7004 electronically through the IRS 
ALL the following criteria:                                       MeF Program or online. Go to the Department’s website for 
•  It has Florida net income of $45,000 or less.                  more information.
•  It conducts 100% of its business in Florida.                   You must file Florida Form F-7004 to extend your time to 
•  It does not report any additions to and/or subtractions from   file. A copy of your federal extension alone will not extend 
  federal taxable income other than a net operating loss          the time for filing your Florida return. See Rule 12C-1.0222, 
  deduction and/or state income taxes, if any.                    Florida Administrative Code (F.A.C.), for information on the 
                                                                  requirements that must be met for your request for an extension 
                                                                  of time to be valid.



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                                                                                                                                  F-1120N
                                                                                                                                  R. 01/24
                                                                                                                          Page 3 of 17

You must file Florida Form F-7004 and pay all the tax due              Electronic Filing – The penalty is 5% of the tax due for each 
(tentative tax) on or before the original due date of Florida Form     month the return is not filed electronically. The penalty cannot 
F-1120. An extension of time will be void if:                          exceed $250 in total. If no tax is due, the penalty is $10.
1)  Your tentative tax due is not paid.
2)  You underpay your tax by the greater of $2,000 or 30% of the 
tax shown on Florida Form F-1120 when filed.                           Interest
                                                                       A floating rate of interest applies to underpayments, late payments, 
Extensions are valid for six months, with the exception of             and overpayments of corporate income tax. The floating interest 
extensions for taxpayers with a June 30 tax year end, which            rate is updated on January 1 and July 1 of each year by using the 
are valid for seven months. Only one extension may be                  formula established in s. 220.807, F.S. For information on current 
granted per tax year.                                                  and prior period interest rates, visit 
                                                                       floridarevenue.com/taxes/rates.
Payment of Tax
You must pay the amount of tax due, as shown on Line 17 of             Required Attachments
the return, and either file your return or extension of time by the    Attach a copy of the actual federal income tax return filed with 
original due date. Make payments in U.S. funds. Penalties and          the IRS.
interest apply to late payments.
                                                                       You must also attach copies of federal Forms 4562, 851 (or 
                                                                       Florida Form F-851), 1122, 1125-A, Schedule D, Schedule M-3, 
Using Payment Credits                                                  and any supporting details for Schedules M-1 and M-2. Attach 
When a corporation makes payment using payment credits from            other supporting schedules if requested in these instructions.
a different Federal Employer Identification Number (FEIN), the 
following documentation is required:                                   Do not detach the coupon located at the bottom of the first 
•  Written authorization, including an original signature of a         page of your Florida Form F-1120 or your account may not 
corporate officer, from the corporation or entity that made the        be properly credited.
payment.                                                               You may use additional sheets if the lines on Florida Form 
•  The FEIN and complete names of the corporations or entities         F-1120 or on any schedules are not sufficient. The additional 
involved.                                                              sheets must contain all the required information and follow the 
•  The applied period (taxable year-end) for the payment credits       format of the schedules on the return. Enter the taxpayer’s name 
you are requesting to transfer.                                        and FEIN on all sheets exactly as they appear on the front page 
•  The type of credit and the amount of payment credit you are         of Florida Form F-1120.
requesting to transfer.
                                                                       Taxable Year and Accounting Methods
Where to Send Payments and Returns                                     The taxable year and method of accounting must be the same 
Make checks payable to and send with your return to:                   for Florida income tax as it is for federal income tax. If you 
                                                                       change your taxable year or your method of accounting for 
Florida Department of Revenue                                          federal income tax, you must also change the taxable year or 
5050 W Tennessee St                                                    method of accounting for Florida income tax.
Tallahassee FL 32399-0135
If you are requesting a refund (Line 19), send your return to:         Rounding Off to Whole-Dollar Amounts
                                                                       Whole-dollar amounts may be entered on the return and 
Florida Department of Revenue                                          accompanying schedules. To round off dollar amounts, drop 
PO Box 6440                                                            amounts less than 50 cents to the next lowest dollar and 
Tallahassee FL 32314-6440                                              increase amounts from 50 cents to 99 cents to the next highest 
                                                                       dollar. If you use this method on the federal return, you must use 
Penalties                                                              it on the Florida return.
Late-Filed Return – The penalty for a return filed late is 10% per 
month, or fraction thereof, not to exceed 50% of the tax due with      Federal Employer Identification Number
the return. If no tax is due and you file late, the penalty is $50 per If you do not have an FEIN, obtain one from the Internal 
month or fraction thereof, not to exceed $300.                         Revenue Service. You can:
                                                                       •  Apply online at irs.gov
Underpayment of Tentative Tax – The penalty for underpayment           •  Apply by mail with IRS Form SS-4. To obtain this form, 
of tentative tax is 12% per year during the extension period on        download or order it from irs.gov or call 800-829-3676.
the underpaid amount. You must calculate the penalty from the 
original due date of the return.                                       To Amend a Return
Underpayment of Estimated Tax – The penalty for underpayment           You must complete a Florida Form F-1120X, Amended Florida 
of estimated tax is 12% per year. If you underpay your estimated       Corporate Income/Franchise Tax Return, to amend your Florida 
tax, complete Florida Form F-2220, Underpayment of Estimated           corporate income tax return if:
Tax on Florida Corporate Income/Franchise Tax, and attach it to        •  You file an amended federal return.
Florida Form F-1120 (see Line 14 instructions).                        •  A redetermination of federal income is made (for example, 
                                                                       through an audit adjustment), and the adjustments would 
Incomplete Return – For an incomplete return, the penalty is           affect net income subject to the Florida corporate income/
the greater of $300 or 10% of the tax finally determined to be         franchise tax.
due, not to exceed $10,000. An incomplete return is one that we 
cannot readily handle, verify, or review.                              Go to floridarevenue.com/forms in the Corporate Income Tax 
                                                                       section for Florida Form F-1120X with instructions.
Fraudulent Return – The penalty for filing a false or fraudulent 
return is 100% of the deficiency.



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                                                                                                                               F-1120N
                                                                                                                               R. 01/24
                                                                                                                    Page 4 of 17

Estimated Tax (Florida Form F-1120ES)                              3.  In the initial year of election, you must complete Florida 
                                                                     Form F-1122, Authorization and Consent of Subsidiary 
                                                                     Corporation to be Included in a Consolidated Income Tax 
Who Must Make Estimated Tax Payments?                                Return for each affiliated member. Attach the form to the 
If you expect the amount of your income tax liability for the 
year to be more than $2,500, you must make a declaration             Florida consolidated return.
of estimated tax for the taxable year. Use Florida Form            4.  In subsequent years, a completed Florida Form F-1122 must 
F-1120ES, Declaration/Installment of Florida Estimated               be attached for each new member of the affiliated group.
Income/Franchise Tax to declare and pay estimated tax. To 
determine if a declaration and payment of estimated tax is         5.  A copy of federal Form 851 or Florida Form F-851 (Corporate 
required, complete the Estimated Tax Worksheet on page 6 of          Income/Franchise Tax Affiliations Schedule) must be 
the Florida Form F-1120.                                             attached.
                                                                   6.  You must make the election by the due date of the return, 
Due Dates for Declaration and Payment                                including properly filed extensions.
Make your estimated tax payments in four equal installments. 
For calendar year filers payments are due on May 31, June 30,      The filing of a Florida consolidated tax return for any taxable 
September 30, and December 31. To obtain Florida Form              year requires the filing of a consolidated return for all subsequent 
F-1120ES, visit floridarevenue.com/forms in the Corporate          years, including subsequent additions to the group, even if 
Income Tax section. The Department does not send reminder          the parent subsequently is not subject to Florida tax. For more 
notices for estimated tax installments. Do not annualize           information, see section (s.) 220.131, Florida Statutes (F.S.), and 
your payments. For a calendar of filing due dates for Florida      Rule 12C-1.0131, F.A.C.
corporate income tax returns, go to the Department’s website at 
floridarevenue.com/taxes/cit/duedates.                             Florida Net Operating Loss Carryover Deduction 
To pay estimated tax, go to floridarevenue.com/taxes/filepay       (NOLD)
and select corporate income tax. If filing and/or paying           You may not carry back a Florida net operating loss as a 
electronically, see the Florida eServices Calendar of Electronic   deduction to a prior taxable year. A net operating loss must 
Payment Deadlines (Form DR-659).                                   be carried over to subsequent taxable years and treated in 
                                                                   the same manner, to the same extent, and for the same time 
Short Taxable Years                                                periods prescribed in s. 172, Internal Revenue Code (IRC). The 
You must file a separate declaration (Florida Form F-1120ES)       Florida carryover to future tax years is limited to the amount 
when a return is required for a period of less than 12 months,     of the federal net operating loss multiplied by the Florida 
unless the short period is less than four months or the            apportionment fraction. However, adjustments such as those 
requirement is first met after the first day of the last month in  listed in s. 220.13(1)(e), F.S., may increase the amount of the 
the short taxable year. When determining if you must file a        Florida carryover. See Rule 12C-1.013(15), F.A.C.
declaration of estimated tax for a short taxable year that results 
from a change in annual accounting period, you must annualize      Note: If you have other Florida carryover deductions, apply them 
your net income for the short period. Multiply the short year’s    first before applying your Florida NOLD. 
income by 12 and divide the result by the number of months in 
the short period. If the tax due based on this income is greater   When claiming your Florida NOLD, the following limitations also 
than $2,500, a declaration is required.                            apply.
Amended Declaration (Florida Form F-1120ES)                        • Florida net operating losses generated in taxable years 
You must base your declaration of estimated tax upon a               beginning before January 1, 2018, are carried forward up to 
reasonable projection of tax liability. Circumstances may develop    20 taxable years. 
during the year that warrant a revision of the original estimated  • Florida net operating losses generated in taxable years 
tax. If the revised estimate differs materially from the original    beginning after December 31, 2017, are carried forward 
estimate, file an amended declaration on or before the next          indefinitely until used and never expire.
installment due date.                                              • For taxable years beginning before January 1, 2021, a Florida 
                                                                     net operating loss deduction may be taken against 100% of 
Underpayments of Estimated Tax                                       Florida tentative apportioned adjusted federal income.
If you underpay estimated tax, penalty and interest apply (see     • For taxable years beginning after December 31, 2020, 
“Penalties” and “Interest” and the instructions for Line 14 on       a Florida net operating loss deduction may be taken as 
page 6).                                                             follows:
                                                                     -   First, any carryover(s) generated in a taxable year 
                                                                         beginning before January 1, 2018, is applied against 
                Special Instructions                                     100% of Florida tentative apportioned adjusted federal 
                                                                         income;
Consolidated Returns                                                 -   Then, any carryover(s) generated in a taxable year 
The privilege of electing to file a Florida consolidated income          beginning after December 31, 2017, is applied against 
tax return is limited to an affiliated group where the parent            80% of the remaining Florida tentative adjusted federal 
corporation is subject to the Florida Income Tax Code and:               income.
1.  The affiliated group must have filed a consolidated return for To support a Florida NOLD, attach a schedule showing the 
federal income tax purposes.                                       following information, as applicable:
2.  The affiliated group electing to file a Florida consolidated   •  Tax Year
return must be identical to the affiliated group filing the        •  Adjusted Federal Loss
federal consolidated return.                                       •  Apportionment Fraction for the Year of Loss
                                                                   •  Florida Apportioned Income/Loss



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                                                                                                                              F-1120N
                                                                                                                              R. 01/24
                                                                                                                           Page 5 of 17

•  Net Operating Loss Carryover (NOLCO) Applied                            Line-by-Line Instructions for
•  Florida Portion of Adjusted Federal Income
•  Net Operating Loss Carry Forward to Next Year                           Completing Florida Form F-1120
See Examples of Florida Net Operating Loss Carry Forward              Instructions are numbered to correspond with the appropriate 
Schedules on page 16.                                                 schedule and line numbers.
Include the Florida net operating loss carryover deduction            Computation of Florida Net Income Tax
available on either Schedule II or IV.                                Chapter 220, F.S., provides that corporations and other entities 
                                                                      base Florida net income on federal taxable income with certain 
If you conduct all of your business in Florida, you must enter        modifications. Such modifications include Florida additions and 
the Florida net operating loss carryover deduction available on       subtractions, apportionment, and the Florida exemption.
Schedule II, Line 3.
                                                                      Line 1 - Federal Taxable Income
If you are doing business outside Florida, you must enter             Generally, corporations should enter the amount shown on 
zero (0) on Schedule II, Line 3, and the amount of the NOLD on        Line 30 of federal Form 1120 or the corresponding line (taxable 
Schedule IV, Line 4.                                                  income) of the related federal income tax return.
Florida Net Capital Loss Carryover Deduction                          If a corporation is a member of an affiliated group that filed 
You may not carry back a Florida net capital loss as a deduction      a consolidated federal tax return, but the corporation is filing 
to a prior taxable year. A net capital loss must be carried over      a separate return for Florida, the amount shown on Line 1 of 
to subsequent tax years and treated in the same manner, to the        the Florida Form F-1120 should be its federal taxable income 
same extent, and for the same periods prescribed in s. 1212, IRC.     computed as if it had filed a separate federal income tax return. 
                                                                      Attach to Florida Form F-1120:
The Florida subtraction for net capital loss carryovers is limited to •  A copy of the related federal consolidated return that was filed.
the portion of the carry forward apportioned to Florida using the     •  A statement reconciling the amount reported on Line 1 with 
apportionment fraction for the year in which the loss occurred.       the taxable income shown on Line 30 of the related federal 
To support a deduction, you must attach a schedule showing            consolidated return.
how you computed the deduction:                                       •  Attach a pro forma federal return, which is a federal return as 
•  Year(s) of loss,                                                   if the consolidated subsidiary filing separately in Florida had 
•  Apportionment fraction for the taxable year in which the loss      also filed a separate federal return.
occurred, and                                                         Note: The interest limitation under s.163(j), IRC, is computed at 
•  Amount of the carryover(s) previously deducted.                    the filer level. Florida did not follow the CARES Act’s temporary 
If you conduct all of your business in Florida, you must enter the    increase in the interest limitation from 30% to 50% of federal 
Florida net capital loss carryover on Schedule II, Line 4.            adjusted taxable income for taxable years beginning on or after 
                                                                      January 1, 2019, and before January 1, 2021. Any addition(s) 
If you are doing business outside Florida, you must enter zero        required on Florida returns for taxable years 2019-2020 
(0) on Schedule II, Line 4, and the Florida portion of net capital    because of this decoupling is treated as a disallowed business 
loss carryover on Schedule IV, Line 5.                                interest expense carryforward from prior years for purposes of 
                                                                      computing the subsequent year’s business interest expense.
Florida Excess Contribution Carryover                                 When you file a Florida consolidated return, the amount that you 
Deductions                                                            should enter is the:
The excess contribution deductions may not create or increase         •  Consolidated federal taxable income from Line 30 of federal 
a net operating loss for Florida. The Florida excess contribution     Form 1120, or
deduction is the lesser of:                                           •  Corresponding line (taxable income) of the federal income tax 
•  the federal excess contribution limitation apportioned to          return filed.
Florida in the current year or
•  the Florida excess contribution carryover.                         Generally, the Florida consolidated group must be identical to 
                                                                      the federal consolidated group. Also see Consolidated Returns 
To support a deduction, you must attach a schedule showing            Instructions (page 4).
how you computed the deduction:
•  Year(s) of federal excess contributions,                           S corporations should enter only the amount of income subject 
•  Actual contributions made,                                         to federal income tax at the corporate level.
•  Federal contribution limitation,                                   Line 2 - State Income Taxes Deducted in Computing Federal 
•  Amount of excess contributions,                                    Taxable Income
•  Florida apportionment fraction for the taxable year(s),            Enter the total amount of state income taxes deducted on the 
•  Apportioned excess contribution to be carried over, and            federal return in the computation of federal taxable income. 
•  Amount of the carryover(s) previously deducted.                    Include the amount deducted for income taxes paid to the 
Any unused federal limitation must be apportioned as well.            District of Columbia and all states, including Florida. Do not 
                                                                      include taxes based on gross receipts, or income taxes paid to 
If you conduct all of your business in Florida, you must enter the    cities or counties.
Florida excess charitable contribution carryover on Schedule II,  
Line 5, and the Florida employee benefit plan contribution            Note:  You must attach a list to Florida Form F-1120 identifying 
carryover on Schedule II, Line 6.                                     the amount of tax and the state to which it was paid.
If you are doing business outside Florida, you must enter zero (0)    Line 3 - Additions to Federal Taxable Income
on Schedule II, Lines 5 and 6. You must enter the Florida portion     Enter the total amount of additions or adjustments to federal 
of your excess charitable contribution carryover on Schedule IV,      taxable income shown on Schedule I, Line 27.
Line 6, and the Florida portion of your excess employee benefit       Line 4 - Total of Lines 1, 2, and 3.
plan contribution carryover on Schedule IV, Line 7.



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                                                                                                                            F-1120N
                                                                                                                            R. 01/24
                                                                                                                        Page 6 of 17

Line 5 - Subtractions from Federal Taxable Income                    Note: The installment amounts that must be paid to meet 
Enter the total amount of subtractions from federal taxable          the prior year exception are decreased by the amount of any 
income shown on Schedule II, Line 13.                                credit earned for the taxable year under the Florida Tax Credit 
                                                                     Scholarship Program, New Worlds Reading Initiative, Strong 
Line 6 - Adjusted Federal Income                                     Families Tax Credit Program, Live Local Program, and Credit 
Subtract Line 5 from Line 4 and enter the difference.                for Manufacturing of Human Breast Milk Derived Human Milk 
Line 7 - Florida Portion of Adjusted Federal Income                  Fortifiers.
If the taxpayer’s business is entirely within Florida, enter the     Enter any other penalty or interest due on Lines 14(b) and 14(d) 
amount reported on Line 6 on this line.                              respectively. See also “Penalties” and “Interest” on page 3.
If the taxpayer is doing business outside Florida, complete          Line 15 - Total of Lines 13 and 14.
Schedules III and IV and enter the adjusted federal income 
amount from Schedule IV, Line 9.                                     Line 16 - Payment Credits 
                                                                     On Line 16(a), enter the total estimated tax payments, if any, 
Line 8 - Nonbusiness Income Allocated to Florida                     made for the taxable year, plus any carryovers from previous 
If the taxpayer’s business is entirely within Florida, enter         years or corporate income tax credit memos issued by the 
zero (0). If the taxpayer is doing business outside Florida, see     Department. If you filed Florida Form F-7004, enter the tentative 
the instructions for Schedule R.                                     tax paid on Line 16(b). Add the estimated tax payments and the 
Line 9 - Florida Exemption                                           tentative tax paid (Line 16(a) plus Line 16(b)). Enter that sum 
Section 220.14, F.S., exempts up to $50,000 of Florida net           on Line 16. Attach a schedule of payments showing the 
income. The amount of the exemption is the lesser of $50,000 or      amounts paid and dates of each payment.
the Florida portion of adjusted federal income plus nonbusiness      Line 17 - Total Amount Due
income allocated to Florida (Line 7 plus Line 8). If the sum of      Subtract the amount on Line 16 from Line 15 and enter the 
Line 7 plus Line 8 is zero or less, enter zero (0).                  amount due. Also, enter the amount due in the space provided at 
Florida allows only one $50,000 exemption to the members of          the bottom of the front page of Florida Form F-1120. Make your 
a controlled group of corporations as defined in s.1563, IRC. If     check payable to the Florida Department of Revenue. If tax was 
you file a consolidated return, the amount of exemption taken on     overpaid, please refer to the instructions for Lines 18 and 19.
Line 9 is limited to the lesser of $50,000 or the Florida portion of Line 18 - Credit
adjusted income plus nonbusiness income allocated to Florida         Enter the amount of overpayment you want applied to the
(Line 7 plus Line 8). If members of the controlled group file        following taxable year as an estimated tax payment. You may
separate returns, follow the instructions for Question G-1.          apply any portion of an overpayment as an estimated tax
If the taxable year is less than 12 months, the $50,000              payment. Also, enter this amount in the space provided at the 
exemption must be prorated. Multiply $50,000 by the number of        bottom of the front page of Florida Form F-1120.
days in the short tax year divided by 365.                           Note:  The election to apply an overpayment to the next year’s 
Line 10 - Florida Net Income                                         estimated tax is irrevocable. For more information, see Rule 
Subtract Line 9 from the sum of Lines 7 and 8 and enter the          12C-1.034(8), F.A.C., titled Special Rules Relating to Estimated Tax.
difference. If the result is a loss, enter zero (0).                 Line 19 - Refund
Line 11 - Tax Due                                                    Enter the amount of overpayment you want refunded on Line 19. 
Multiply the amount on Line 10 by the tax rate.                      You may request a refund of any portion of an overpayment. 
                                                                     Also, enter this amount in the space provided at the bottom 
Line 12 - Credits Against the Tax                                    of the front page of Florida Form F-1120. If Line 19 is left 
Enter the total credits against the tax from Schedule V, Line 23.    blank, we will credit the entire overpayment to next year’s 
Credits against the tax cannot exceed the amount of tax due on       estimated tax. Sub S corporations must include the Notice of 
Line 11 and cannot create a refund.                                  Acceptance as an S corporation from the IRS if the document 
Line 13 - Total Corporate Income/Franchise Tax Due                   has not been sent to the Department.
Subtract Line 12 from Line 11.
Line 14 - Penalty and Interest                                       Signature and Verification
If you have underpaid estimated tax, you may compute penalty         An officer or person authorized to sign for the entity must sign all 
and interest using Florida Form F-2220 and enter the amounts         returns. An original signature is required. We will not accept a 
on Lines 14(a) and 14(c). To obtain Florida Form F-2220, go to       photocopy, facsimile, or stamp. A receiver, trustee, assignee, or 
floridarevenue.com/forms in the Corporate Income Tax section.        other fiduciary must sign any return filed on behalf of the entity.
                                                                     Any person, firm, or corporation who prepares a return for 
Penalty and interest on an underpayment of estimated tax are         compensation must also sign the return and provide:
computed from the installment due date until the earlier of the      •  Federal employer identification number (FEIN).
payment date or due date for filing the annual tax return, without   •  Preparer tax identification number (PTIN).
regard to any extension of time. No penalty or interest will apply 
if the cumulative amount paid or credited for each installment 
equals or exceeds the cumulative amount due if the installments      Questions A through L
were based on:                                                       All taxpayers must answer questions A through L.
•  At least 90% of the tax finally shown to be due for the taxable 
year; or                                                             Question A - Enter the state in which you are incorporated.
•  The tax computed using the prior year facts and income and        Question B - Enter the Florida document number received 
current year rates.                                                  from the Florida Secretary of State. For information, contact the



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Department of State, Corporate Information at 850-245-6052 or        Line 3 - Net Operating Loss Deduction
visit the website at sunbiz.org.                                     Enter the amount of net operating loss deduction shown on
                                                                     Line 29(a) of the federal Form 1120 or on the corresponding line 
Question C - Check the appropriate box to indicate if you are        of other federal income tax forms.
filing a Florida consolidated return.
                                                                     Line 4 - Net Capital Loss Carryover
Question D - Check the “Initial return” box if the return is the     Enter the net capital loss carryover, as defined in s. 1212, IRC, 
initial Florida return filed. Check “Final return” only if you have  deducted from capital gains in computing federal taxable income 
filed a final federal return. When a C Corporation elects to         for the taxable year. Refer to federal Form 1120, Schedule D, for 
become an S corporation, the final C return is not considered        this adjustment.
to be a final tax return for the corporation. A return for a foreign 
(out-of-state) corporation that has ceased doing business in         Line 5 - Excess Charitable Contribution Carryover
Florida is not a final return.                                       Enter the amount of excess charitable contributions determined 
                                                                     under s. 170(d)(2), IRC, carried forward and deducted in 
Question E - Enter the Principal Business Activity Code that         computing federal taxable income for the taxable year.
pertains to Florida business activities. If the Principal Business 
Activity Code is unknown, see the “Principal Business Activity       Line 6 - Employee Benefit Plan Contribution Carryover
Codes” section of the IRS Instructions for Form 1120.                Enter the total amount of excess employee benefit plan 
                                                                     deductions determined under s. 404(a)(1)(E), IRC, (excess 
Question F - Check the appropriate box to indicate if you have       contributions to qualified pension plans) and
filed a Florida extension of time (Florida Form F-7004). Attach a    s. 404(a)(3)(A)(ii), IRC, (excess contributions to qualified stock 
copy of Florida Form F-7004, if timely filed.                        bonus or profit-sharing plans), carried forward and deducted in 
Question G-1 - Florida allows only one $50,000 exemption to          computing federal taxable income for the taxable year.
a controlled group of corporations as defined in s.1563, IRC. If     Line 7 - Enterprise Zone Jobs Credit
the taxpayer is a member of a controlled group, attach a list of     Enter the amount from Line 3 of Schedule V. This will be the 
the members. Include FEIN, address, and apportioned amount           amount of enterprise zone jobs credit on Florida Form F-1156Z 
of the $50,000 exemption for each corporation. If the controlled     for the taxable year.
group is a parent-subsidiary group, please indicate the parent 
corporation on your attached list. Attaching the list shows          Line 8 - Ad Valorem Taxes Allowable as an Enterprise Zone 
consent to an unequal apportionment of the Florida exemption.        Property Tax Credit
                                                                     Enter the amount from Line 5 of Schedule V. This will be the 
Question G-2 - Check the appropriate box to indicate if you are      portion of the ad valorem taxes paid or incurred for the taxable 
part of a federal consolidated return. Enter the name and FEIN       year that is allowable as an enterprise zone property tax credit 
from your federal consolidated return.                               on Florida Form F-1158Z.
Question G-3 - Check the appropriate box to indicate if the          Line 9 - Guaranty Association Assessment(s) Credit
federal common parent has sales, property, or payroll in Florida.    Enter the amount from Line 1 of Schedule V, Florida Health 
Question H - Enter the address where the corporate books and         Maintenance Organization Consumer Assistance Assessment 
records are located.                                                 Credit, and any Florida Life and Health Insurance Guaranty 
                                                                     Association (FLAHIGA) Assessment Credit included on 
Question I - Check the appropriate box to indicate if you are a      Schedule V, Line 22.
member of a partnership or joint venture that does business in 
Florida.                                                             Line 10 - Rural and/or Urban High-Crime Area Job Tax Credits
                                                                     Enter the total of the amounts from Lines 6 and 7 of Schedule V. 
Question J - Provide the date of your latest IRS audit and list      This is the amount taken as rural and/or urban high-crime area job 
the years examined.                                                  tax credits for the taxable year. 
Question K - Provide the name, a telephone number, and email         Line 11 - State Housing Tax Credit
address of the person to contact regarding this return.              Enter the amount from Line 11 of Schedule V. This is the 
                                                                     amount taken as the state housing tax credit for the taxable 
Question L - Indicate the form number of the return filed with 
                                                                     year.
the IRS.
                                                                     Line 12 - Florida Tax Credit Scholarship Program Credit
Schedule I – Additions and/or Adjustments to                         (contributions to nonprofit scholarship-funding organizations 
                                                                     tax credit)
Federal Taxable Income                                               Enter the amount from Line 12 of Schedule V. This is the 
Line 1 - Interest Excluded from Federal Taxable Income               amount taken as a credit for the Florida Tax Credit Scholarship 
Enter the amount of interest excluded from taxable income            Program. However, if the credit taken has previously been 
under s.103(a), IRC, or any other federal law, less the              added to taxable income in a prior taxable year, and is taken 
associated expenses disallowed in the computation of taxable         as a deduction for federal tax purposes in the current taxable 
income under s. 265, IRC, or any other law. These items will be      year, the amount of the deduction allowed shall not be added to 
included in Schedule M-1 of the federal return.                      taxable income in the current year. This exception is intended to 
                                                                     ensure that the credit is added in the applicable taxable year and 
Line 2 - Undistributed Net Long-Term Capital Gains                   does not result in a duplicate addition in a subsequent year.
If you are a regulated investment company (RIC) or a real estate 
investment trust (REIT), enter the undistributed net capital gain    Line 13 - New Worlds Reading Initiative Credit 
for the taxable year computed pursuant to ss. 852(b)(3)(D) and       Enter the amount from Line 13 of Schedule V. This is the amount 
857(b)(3)(D), IRC.                                                   taken for the new worlds reading initiative credit for the taxable year.



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Line 14 - Strong Families Tax Credit (credit for contribution       (1)  Partnership adjustment.
to eligible charitable organizations)                                Florida adjusted federal ordinary partnership income or 
Enter the amount from Line 14 of Schedule V. This is the amount      loss is based on the federal ordinary partnership income 
taken for the strong families tax credit for the taxable year.       or loss with certain modifications (Florida additions and 
                                                                     subtractions). To the extent that such modifications increase 
Line 15 - Live Local Program Credit                                  the taxpayer’s distributive share of partnership income or loss 
Enter the amount from Line 15 of Schedule V.  This is the            included in its federal income tax return, you must include an 
amount taken for the live local program credit for the taxable       appropriate addition as determined on Florida Form F-1065.
year. 
                                                                    (2) Consolidated income adjustment.
Line 16 - New Markets Tax Credit                                     No consolidated income adjustment is necessary unless the 
Enter the amount from Line 16 of Schedule V. This is the             corporation made an election under s. 220.131(1), F.S., within 
amount taken for the new markets tax credit for the taxable year.    90 days of December 20, 1984, or upon filing the taxpayer’s 
Line 17 - Entertainment Industry Tax Credit                          first return after December 20, 1984, to file a consolidated 
Enter the amount from Line 17 of Schedule V. This is the             return on the same basis as its consolidated returns filed prior 
amount taken as the entertainment industry tax credit for the        to July 19, 1983. Attach a schedule showing the computation 
taxable year.                                                        of federal taxable income for the Florida affiliated group and 
                                                                     the amounts included in the net positive or negative (using a 
Line 18 - Research and Development Tax Credit                        negative sign) adjustment.
Enter the amount from Line 18 of Schedule V. This is the 
amount taken as the research and development tax credit for the     (3) Depreciation adjustment.
taxable year.                                                        The required depreciation adjustment is for Election A and 
                                                                     Election B taxpayers. 
Line 19 - Experiential Learning Tax Credit Program
Enter the amount from Line 19 of Schedule V. This is the amount          “Election A” means the election made by taxpayers for
of the experiential learning tax credit taken for the taxable year.      taxable years beginning prior to January 1, 1987, pursuant
                                                                         to s. 220.03(5)(b), F.S., to report and pay the corporate
Line 20 - Credit for Qualified Railroad Reconstruction or                income/franchise tax as if the amendments to the Internal
Replacement Expenditures                                                 Revenue Code that were enacted after January 1, 1980,
Enter the amount from Line 20 of Schedule V. This is the                 and before January 1, 1982, became effective on
amount taken as a credit for qualified railroad reconstruction or    January 1, 1982. Taxpayers who made Election A are 
replacement expenditures for the taxable year.                       required to make a depreciation adjustment in computing the
Line 21 - Credit for Manufacturing of Human Breast Milk                  corporate income/franchise tax if any depreciable assets
Derived Human Milk Fortifiers                                            were placed in service between January 1, 1981, and
Enter the amount from Line 21 of Schedule V. This is the amount          December 31, 1981.
taken as a credit for manufacturing of human breast milk derived     “Election B” means the election made by taxpayers for 
human milk fortifiers for the taxable year.                          taxable years beginning prior to January 1, 1987, pursuant to 
Line 22 - s. 168(k), IRC, Special Bonus Depreciation                 s. 220.03(5)(c), F.S., to report and pay the corporate income/
Enter all amounts claimed as a special depreciation allowance        franchise tax as if the Internal Revenue Code of 1954, 
under IRC s. 168(k) for property placed in service before            as amended and in effect on January 1, 1980, is in effect 
January 1, 2027.                                                     indefinitely. Taxpayers who made Election B are required to 
                                                                     make a depreciation adjustment in computing the corporate 
Line 23 - Depreciation of Qualified Improvement Property             income/franchise tax if any depreciable assets were placed in 
Enter the depreciation taken in the computation of federal taxable   service between January 1, 1981, and December 31, 1986.
income on qualified improvement property placed in service on or 
after January 1, 2018.                                               If a consolidated Florida corporate income/franchise tax 
                                                                     return is filed, a separate schedule listing the name, address, 
If bonus depreciation was taken on the qualified improvement         FEIN, and the depreciation election (General Rule, which 
property and the bonus depreciation was included on Line 22, it      was for the emergency excise tax that has been phased out, 
should not be added back again on this line.                         Election A, or Election B) of each included corporation must 
                                                                     be attached.
Line 24 - Expenses for Business Meals Provided by a 
Restaurant                                                               The depreciation adjustment will include the positive or
Enter the portion of the business meal expense deduction taken           negative difference, if any, between the depreciation
in the computation of federal taxable income that exceeds the            deducted as shown on federal Form 4562 for these assets
amount that would have been allowed without application of               and the depreciation allowable for these assets under the
Public Law 116-260, Division EE, Title II, s. 210, which made            Internal Revenue Code of 1954, as amended and in effect
business meals provided by a restaurant 100% deductible                  on January 1, 1980. Attach a copy of federal Form 4562 and
instead of 50% deductible. This addition applies to taxable years        a statement setting forth the details of the adjustment.
beginning on or after January 1, 2021, and before January 1, 2026.
                                                                     If a taxpayer is governed by Election A or Election B and 
Line 25 - Film, Television, and Live Theatrical Production           directly or indirectly owns an interest in a partnership, trust, 
Expenses                                                             or other entity not taxable as a corporation, it must include 
Enter the deduction taken in the computation of federal taxable      in its adjustment its distributive share of any depreciation 
income under s. 181, IRC. This addition applies to taxable years     difference. The difference in the depreciation for the 
beginning on or after January 1, 2021, and before January 1, 2026.   partnership, trust, or other entity should be computed 
                                                                     in the same manner explained above for Election A 
Line 26 - Other Additions                                            or Election B. The taxpayer’s distributive share of the 
Attach explanatory schedules. Examples:



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depreciation difference computed should be added to the                extent not deductible in determining federal taxable income or 
difference computed under Election A or Election B on the              subtracted pursuant to s. 220.13(1)(b)2., F.S. See ss. 220.63(5) 
taxpayer’s assets. You must attach a copy of the underlying            and 220.62(3), F.S., for a detailed explanation of the computation 
entity’s federal Form 4562 and a statement setting forth the           of eligible net income and a definition of international banking 
details of the adjustment.                                             facility.
Line 27 - Total                                                        Line 9 - s. 168(k), IRC, Special Bonus Depreciation 
Enter the sum of Lines 1 through 26 on this line and on the front      With the exception of qualified improvement property placed in 
page of Florida Form F-1120, Line 3.                                   service on or after January 1, 2018, the amount required to be 
                                                                       added back for s.168(k), IRC, bonus depreciation is provided back 
                                                                       to a taxpayer through a subtraction over a seven-year period of 
Schedule II – Subtractions from Federal Taxable                        one seventh of the amount of the addition, beginning with the tax 
Income                                                                 year of the addition. Attach a schedule showing the taxable year 
Taxpayers may not subtract from federal taxable income for             and amount of the original addition, the amount of the original 
Social Security and Medicare taxes paid on certain employee tip        addition for qualified improvement property placed in service on 
income when such taxes are taken as a credit on their federal          or after January 1, 2018, and the amount of the subtraction by 
corporate income tax return as part of the federal General             taxable year. Enter the amount to be subtracted this year.
Business Credit. Florida Statutes do not provide a similar credit 
for Florida income tax purposes, nor is there a provision for a        Line 10 - Depreciation of Qualified Improvement Property
subtraction from federal income for the taxes taken as a federal       The recovery of amounts required to be added back to federal 
tax credit.                                                            taxable income for qualified improvement property placed in 
                                                                       service on or after January 1, 2018 (Schedule I, Line 23, and the 
Line 1 - Gross Foreign Source Income Less Attributable                 portion related to such property added back on Schedule I, 
Expenses                                                               Line 22) is provided back to a taxpayer through a subtraction on 
Enter all amounts included in federal taxable income under             this line. The subtraction is limited to the depreciation that would 
s. 78, IRC, on Line 1(a). Enter dividends treated as received from     have been allowed under the IRC in effect on January 1, 2020, 
sources outside the United States, as determined under s. 862,         without retroactive changes made by the CARES Act, and without 
IRC, on Line 1(b). Enter income under s. 951A, IRC, on Line 1(c).      taking into account any sale or other disposition of the property. 
Enter the total of expenses directly and indirectly attributable to    Attach a schedule showing the taxable year and amount of the 
ss. 78, 862, and 951A, IRC, and related amounts deducted under         original addition and the amount of the subtraction by taxable 
s. 250, IRC, on Line 1(d). Add s. 78 income plus s. 862 dividends      year. Enter the amount to be subtracted this year.
plus s. 951A income and subtract expenses [1(a) + 1(b) + 1(c) – 
1(d)]. Enter result on Line 1.                                         Line 11 - Film, Television, and Live Theatrical Production 
                                                                       Expenses
Line 2 - Gross Subpart F Income Less Attributable Expenses             The recovery of amounts required to be added back for film, 
Enter the subpart F income included in federal taxable income          television, and live theatrical productions on Schedule I,
under s. 951, IRC, on Line 2(a). Enter the total of expenses           Line 25 is provided back to a taxpayer through a subtraction on 
directly and indirectly attributable to s. 951, IRC, on Line 2(b).     this line. The subtraction is limited to the deduction that would 
Subtract the attributable expenses from the subpart F income           have been allowed without application of s. 181, IRC, if any. 
(2[a] - 2[b]). Include copies of all IRS forms, schedules, and         Attach a schedule showing the taxable year and amount of the 
worksheets associated with IRS Form 5471.                              original addition and the amount of the subtraction by taxable 
Note: Taxpayers doing business outside Florida enter zero (0)          year. Enter the amount to be subtracted this year.
on Lines 3, 4, 5, and 6 and complete Lines 4, 5, 6, 7, and 8 of 
Schedule IV.                                                           Line 12 - Other Subtractions 
                                                                       Enter any other item required to be subtracted as an adjustment 
Line 3 - Florida Net Operating Loss Carryover Deduction                to compute adjusted federal income. 
See Florida Net Operating Loss Carryover Deduction (NOLD)              Attach explanatory schedules. Examples:
instructions (page 4).                                                 (1) Partnership adjustment. Florida adjusted federal ordinary 
Line 4 - Florida Net Capital Loss Carryover Deduction                  partnership income or loss is based on the federal ordinary 
See Florida Net Capital Loss Carryover Deduction instructions          partnership income or loss with certain modifications 
(page 5).                                                              (Florida additions and subtractions). To the extent that such 
                                                                       modifications decrease the taxpayer’s distributive share of 
Line 5 - Florida Excess Charitable Contribution Carryover              partnership income or loss included in its federal income 
See Florida Excess Contribution Carryover Deductions                   tax return, you must include an appropriate subtraction as 
instructions (page 5).                                                 determined on Florida Form F-1065.
Line 6 - Florida Employee Benefit Plan Contribution Carryover          (2) Certain foreign taxes. Enter the amount of taxes of foreign 
See Florida Excess Contribution Carryover Deductions                   countries allowable as credits under s. 901, IRC, to any 
instructions (page 5).                                                 corporation that derived less than 20% of its gross income or 
Line 7 - Nonbusiness Income                                            loss for its taxable year ending in 1984 from sources within 
If the taxpayer’s business is entirely within Florida, enter zero (0). the United States, as described in s. 861(a)(2)(A), IRC, not 
If the taxpayer is doing business outside Florida, enter the amount    including withholding taxes specified in s. 220.13(1)(b)5., F.S.
of nonbusiness income included in federal taxable income from          Line 13 - Total
Schedule R, Line 3. See Instructions for Schedule R (page 15).         Enter the sum of Lines 1 through 12 on this line and on the front 
Line 8 - Eligible Net Income of an International Banking Facility      page of Florida Form F-1120, Line 5.
The eligible net income of an international banking facility is 
allowed as a deduction from adjusted federal income, to the



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Schedule III – Apportionment of Adjusted Federal                       For corporations not included within the definition of a financial 
Income                                                                 organization, intangible personal property will not be included 
Florida taxpayers doing business outside Florida are required          in the property factor. The property factor used by a financial 
to apportion their business income to Florida based upon a             organization must include intangible personal property, except 
three-factor formula (average value of property, payroll, and          goodwill, owned and used in the business. The term “financial 
sales factors), except for insurance companies, transportation         organization” includes any bank, trust company, savings bank, 
companies, citrus processing companies, taxpayers granted              industrial bank, land bank, safe deposit company, private banker, 
permission to use a single sales factor under s. 220.153, F.S.,        savings and loan association, credit union, cooperative bank, 
and taxpayers who have been given prior permission by the              small loan company, sales finance company, or investment 
Department to apportion income using a different method under          company.
s. 220.152, F.S.                                                       The intangible personal property will be valued at its tax basis for 
Florida does not allow a taxpayer to apportion income if it is not     federal income tax purposes. Florida considers intangible personal 
doing business outside the state. Making only sales in another         property to be in Florida if it consists of any of the following:
state without property or payroll in that state does not automatically (a) Coin or currency located in Florida.
indicate a taxpayer is “doing business” in a state other than Florida. (b) Assets in the nature of loans located in Florida, including 
See Rule 12C-1.015, F.A.C., for further information about when a       balances due from depository institutions, repurchase 
Florida corporation may apportion income.                              agreements, federal funds sold, and bankers’ acceptances.
                                                                       (c) Installment obligations on loans for which the customer initially 
The three-factor formula measures Florida’s share of adjusted          applied at an office located in Florida.
federal income by ratios of the taxpayer’s property, payroll, and      (d) Loans secured by mortgages, deeds of trust, or other liens 
sales in Florida to total property, payroll, and sales located or      upon real or tangible personal property located in Florida.
occurring everywhere. The apportionment factors are weighted as        (e) A portion of a participation loan where the office that enters 
follows: 25% to property, 25% to payroll, and 50% to sales.            into the participation is located in Florida.
Note: If the amount reported in Schedule III-A, Column (b) for either  (f)  Credit card receivables from customers who reside or who are 
the property or payroll factor is zero, the weighted percentage        commercially domiciled in Florida.
for the other factor will be 33-1/3% and the weighted percentage       (g) Investments in securities that generate business income where 
for the sales factor will be 66-2/3%. If the amount reported in        the taxpayer’s commercial domicile is in Florida, unless such 
Schedule III-A, Column (b) for the sales factor is zero, the weighted  securities have acquired a discrete business situs elsewhere.
percentage for the property and payroll factors will change from       (h) Securities held by a state treasurer or other public official or 
25% to 50% each. If the amounts reported in Schedule III-A,            pledged to secure public funds or trust funds deposited with 
Column (b) for any two factors are zero, the weighted percentage       the taxpayer, if the office where the secured deposits are 
for the remaining factor will be 100%.                                 maintained is in Florida.
                                                                       (i)  Leases of tangible personal property where the taxpayer’s 
All amounts related to nonbusiness income, income related              commercial domicile is in Florida, unless the taxpayer 
to ss. 78, 862, 951, and 951A, IRC, and any other income not           establishes that the location of the leased tangible property is 
included in the adjusted federal income (Florida Form F-1120,          in another state or states for the entire taxable year and the 
Line 6) must be excluded from the apportionment factors.               taxpayer is taxable in such other state or states.
                                                                       (j)  Installment sale agreements originally executed by a taxpayer 
III-A Line 1. Average Value of Property                                or its agent to sell real or tangible personal property located in 
The property factor is a fraction. The numerator of this fraction      Florida.
is the average value of real and tangible personal property            (k) Any other intangible personal property located in Florida used 
owned or rented and used during the taxable year in Florida.           to generate business income.
The denominator is the average value of such property owned or 
rented and used everywhere during the taxable year.                    III-A Line 2. Payroll
Property owned is valued at original cost, without regard to           The payroll factor is a fraction. The numerator of this fraction is the 
accumulated depreciation. Property rented is valued at eight times     total amount paid to employees in Florida during the taxable year 
the net annual rental rate. You must reduce the net annual rental      for compensation. The denominator is the total compensation 
rate by the annual rental rate received from sub-rentals.              paid to employees everywhere during the taxable year. Enter 
                                                                       the numerator in Schedule III-A, Line 2, Column (a). Enter the 
Compute the average value of property using Schedule III-B. On         denominator in Schedule III-A, Line 2, Column (b). For purposes 
Lines 1 through 4 of this schedule, enter the beginning-of-year        of this factor, compensation is paid within Florida if:
and end-of-year balances for property owned and used within            (a) The employee’s service is performed entirely within Florida, or
Florida, as well as property owned and used everywhere. Compute        (b) The employee’s service is performed both within and outside 
the average value using the formula provided on Line 6. Enter          Florida, but the service performed outside Florida is incidental 
the value of rented property on Line 7.  Add Lines 6a and 7a and       to the employee’s service, or
enter the Florida average on Line 8a of Schedule III-B and on          (c) Some of the employee’s service is performed in Florida and 
Schedule III-A, Line 1, Column (a). Likewise, add Lines 6b and 7b      either the base of operations or the place from which the 
and enter the everywhere average on Line 8b of Schedule III-B and      service is directed or controlled is in Florida, or the base of 
on Schedule III-A, Line 1, Column (b).                                 operations or place from which the service is controlled is not 
                                                                       in any state in which some part of the service is performed and 
If substantial fluctuations in the values of the property exist during the employee’s residence is in Florida.
the tax period or where you acquired property after the beginning 
of the tax period or disposed of property before the end of the tax    The taxpayer must attach a statement listing all compensation 
period, the Department may require or allow monthly averaging          paid or accrued for the taxable year other than that shown 
of property values. If monthly averages are used, you must attach      on federal Form 1125-A, federal Form 1125-E (if required to 
appropriate schedules.                                                 complete for federal tax purposes), or federal Form 1120.



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Sponsored Research and Development Contracts through a                 (f)  Interest, fees, commissions, and other charges or gains from 
University                                                             loans secured by mortgages, deeds of trust, or other liens 
The payroll factor excludes compensation paid to a Florida             upon real or tangible personal property located in Florida or 
employee and the property factor excludes any real or tangible         from installment sale agreements originally executed by a 
personal property located in Florida certified as dedicated            taxpayer or its agent to sell real or tangible personal property 
exclusively to the activities of sponsored research and                located in Florida.
development contracts through a state university or a non-public       (g) Any other gross income, including other interest, resulting 
Florida chartered university conducting graduate programs at the       from the operation as a financial organization within Florida.
professional or doctoral level. This exclusion applies only during 
the contractual period and the tax savings is limited to the amount 
paid for the sponsored research.                                       III-A Line 4. Apportionment Fraction
                                                                       For Lines 1, 2, and 3 of Schedule III-A, divide the amount in 
Attach a copy of the certification letter, received from the Board     Column (a) by the amount in Column (b). Round the result to 
of Governors of the State University System or the university          six decimal places. Enter the result in Column (c) of Schedule 
president, to the return. Also, the taxpayer must include the          III-A. In Column (d), use the appropriate weight for each 
schedule of items, as certified by the university, excluded from       factor. See the note on page 10 for more detailed information. 
the payroll and property factors.                                      Multiply the amount in Column (c) by the weighted percentage 
                                                                       in Column (d). Round the result to six decimal places. Enter the 
                                                                       result in Column (e).
III-A Line 3. Sales Factor
The sales factor is a fraction. The numerator of this fraction is the  To compute the Florida apportionment fraction, add the weighted 
total sales of the taxpayer in Florida during the taxable year. The    factors on Schedule III-A, Lines 1, 2, and 3 of Column (e). Enter 
denominator is the total sales of the taxpayer everywhere during       the total on Schedule III-A, Line 4 and on Schedule IV, Line 2.
the taxable year. Use Schedule III-C to calculate the sales factor. 
Enter the numerator on Schedule III-A, Line 3, Column (a) and the 
denominator on Schedule III-A, Line 3, Column (b).                     III-D. Special Apportionment Fractions
                                                                       Insurance Companies
Florida defines the term “sales” as gross receipts without regard      Insurance companies apportion adjusted federal income to 
to returns or allowances. The term “sales” is not limited to           Florida by multiplying it by a fraction. The numerator is the 
tangible personal property, and includes:                              direct premiums written for insurance upon properties and risks 
(a) Rental or royalty income, if such income is significant in the     in Florida and the denominator is direct premiums written on 
taxpayer’s business.                                                   properties and risks everywhere. Florida defines the term “direct 
(b) Interest received on deferred payments of sales of real or         premiums written” as the total amount of direct premiums written, 
tangible personal property.                                            assessments, and annuity considerations, as reported on the 
(c) Income from the sale, licensing, or other use of intangible        annual statement filed by the company with the Florida Insurance 
personal property.                                                     Commissioner.
(d) Sales of services.
(e) For financial organizations, income from intangible personal       However, if the principal source of premiums written by an 
property.                                                              insurance company consists of premiums for reinsurance 
                                                                       accepted by it, the numerator and denominator of the above 
Making only sales in another state without property or payroll in      fraction include the direct premiums written plus premiums written 
that state does not automatically indicate a taxpayer is “doing        for reinsurance.
business” in a state other than Florida. See Rule 12C-1.015, 
F.A.C., for further information about when a Florida corporation       Enter the amounts within Florida in Column (a) and amounts 
may apportion income.                                                  everywhere in Column (b) on Schedule III-D, Line 1. Divide 
                                                                       Column (a) by Column (b) and enter the result on Schedule III-D, 
Sales will be attributable to Florida using the following criteria:    Line 1, Column (c) and on Schedule IV, Line 2.
(a) Sales of tangible personal property will be “Florida sales” if the 
property is delivered or shipped to a purchaser within Florida.        Note:  Insurance companies using this apportionment fraction 
(b) Rentals will be “Florida sales” if the real or tangible personal   should attach a copy of Schedule T from their annual report.
property is in Florida.                                                Transportation service companies 
(c) Interest received on deferred payments of sales of real or         Taxpayers furnishing transportation services will use a single 
tangible personal property will be included in “Florida sales” if      factor apportionment fraction to apportion their income to Florida. 
the sale of the property is in Florida.                                The term “taxpayers furnishing transportation services” includes 
(d) Sales of service organizations are within Florida if the services  taxpayers engaged exclusively in interstate commerce.
are performed in Florida.
                                                                       Florida apportions the income of transportation companies 
For a financial organization, “Florida sales” will also include:       by multiplying their adjusted federal income by a fraction; the 
(a) Fees, commissions, or other compensation for financial             numerator is the revenue miles within Florida and the denominator 
services rendered within Florida.                                      is the revenue miles everywhere.
(b) Gross profits from trading in stocks, bonds, or other securities 
managed within Florida.                                                For transportation other than by pipeline, a revenue mile is the 
(c) Interest, other than interest from loans secured by                transportation of one passenger or one net ton of freight the 
mortgages, deeds of trust, or other liens upon real or tangible        distance of one mile for consideration.
property located outside Florida.                                      Enter the amount within Florida in Column (a) and the 
(d) Dividends received within Florida.                                 amount everywhere in Column (b) on Schedule III-D, Line 2. 
(e) Interest for carrying debit balances on margin accounts,           Divide Column (a) by (b) and enter the result on Schedule III-D, 
charged to customers at their business locations in Florida,           Line 2, Column (c) and on Schedule IV, Line 2.
without deducting any costs for carrying such accounts.



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Schedule IV – Computation of Florida Portion of                     Schedule V – Credits Against the Corporate 
Adjusted Federal Income                                             Income/Franchise Tax
A taxpayer doing business outside Florida should use                Note: Credits against the tax may not exceed the corporate 
Schedule IV to compute the Florida portion of adjusted federal      income/franchise tax liability.
income. Florida does not allow a taxpayer to apportion income       Section 220.02(8), F.S., provides for an order of application for 
using Schedule IV if it is not considered to be doing business      the credits against corporate income tax. The credits are listed 
outside Florida.                                                    in Schedule V in the order they must be applied. The Florida 
Apportionment of Adjusted Federal Income                            Life and Health Insurance Guaranty Association (FLAHIGA) 
Line 1 - Apportionable Adjusted Federal Income                      Assessment Credit, available to certain insurers, is not listed in 
Enter the adjusted federal income from Line 6 on the front page     s. 220.02(8), F.S. Therefore, the FLAHIGA credit is to be included 
of Florida Form F-1120.                                             in the “other credits” on Line 22. You may find the instructions for 
                                                                    the credit with the instructions for Line 22 on page 14.
Line 2 - Florida Apportionment Fraction
Enter the Florida apportionment fraction from either                Line 1 - Florida Health Maintenance Organization Consumer 
Schedule III-A, Line 4 or Schedule III-D, Column (c).               Assistance Assessment Credit
                                                                    A corporate income tax credit is available to a member of the 
Line 4 - Net Operating Loss Carryover Apportioned to Florida        Health Maintenance Organization Consumer Assistance Plan for 
Enter the Florida net operating loss carryover deduction.           assessments paid under s. 631.828, F.S. This credit is limited 
To support a deduction, you must attach a schedule showing          to 20% of the amount of such assessments for each of the five 
how you computed the deduction. See the Florida Net Operating       calendar years following the year in which such assessment was 
Loss Carryover Deduction (NOLD) instructions on page 4,             paid. Attach a copy of the assessment notice to Florida Form 
including Examples of Florida Net Operating Loss Carry Forward      F-1120.
Schedules on page 16.                                               Note: Taxpayers must include the amount of any credit claimed 
Line 5 - Net Capital Loss Carryover Apportioned to Florida          for the current year on Schedule I, Line 9.
Enter any available Florida net capital loss carryover deduction.   Line 2 - Capital Investment Tax Credit
See the Florida Net Capital Loss Carryover Deduction                An annual capital investment tax credit is available to a 
instructions on page 5.                                             qualifying business that establishes a qualifying project. Attach a 
To support a deduction, you must attach a schedule showing how      copy of the certification. For qualifying projects defined in
you computed the deduction. You must include the year(s) of         s. 220.191(1)(g)1., and 2., F.S., this credit is granted against 
loss, apportionment fraction for the taxable year in which the loss only the portion of Florida corporate income tax generated by, 
occurred, and amounts of the carryover(s) previously deducted.      or arising out of, the qualifying project. You must attach a pro 
                                                                    forma tax return indicating the qualifying project’s Florida taxable 
Line 6 - Excess Charitable Contribution Carryover                   income for the year to claim this credit. Businesses may apply 
Apportioned to Florida                                              for this credit with the Florida Department of Commerce. A 
Enter any available Florida excess charitable contribution          taxpayer that takes this credit against Florida insurance premium 
carryover. See the Florida Excess Contribution Carryover            tax is not eligible to take it against Florida corporate income tax.
Deductions instructions on page 5.                                  For qualifying projects defined in s. 220.191(1)(g)3., F.S., when 
                                                                    the capital investment tax credit is used in whole or in part by a 
To support a deduction, you must attach a schedule showing          member of the qualifying business’ affiliated group or a related 
how you computed the deduction. You must include the year(s)        entity that is taxable as a cooperative under subchapter T of 
of federal excess contributions, actual contributions made,         the Internal Revenue Code, the qualifying business and the 
federal contribution limitation, amount of excess contributions,    entities claiming the qualifying business’ tax credit must attach 
Florida apportionment fraction for the taxable year(s),             a schedule reconciling how the capital investment tax credit is 
apportioned excess contribution to be carried over, and the         used. The name, federal employer identification number, and 
amount of the carryover(s) previously deducted.                     amount of capital investment tax credit claimed by each entity 
Line 7 - Employee Benefit Plan Contribution Carryover               must be included in the schedule.
Apportioned to Florida                                              If you are claiming a transferred capital investment tax credit per 
Enter any available Florida employee benefit plan excess            s. 220.191(2)(c), F.S., you must attach to your return a copy of 
contribution carryover. See the Florida Excess Contribution         the letter received from the Department of Revenue certifying 
Carryover Deductions instructions on page 5.                        the amount of the credit transferred (only credits relating to solar 
To support a deduction, you must attach a schedule showing          energy projects may be transferred).
how you computed the deduction. You must include the year(s)        Line 3 - Enterprise Zone Jobs Credit
of federal excess contributions, actual contributions made,         Any business claiming the credit must complete and attach 
federal contribution limitation, amount of excess contributions,    a Florida Enterprise Zone Jobs Credit Certificate of Eligibility 
Florida apportionment fraction for the taxable year(s),             for Corporate Income Tax (Florida Form F-1156Z). Enter the 
apportioned excess contribution to be carried over, and the         amount from Florida Form F-1156Z. Taxpayers claiming the 
amount of the carryover(s) previously deducted.                     credit must include the amount claimed for the current taxable 
Line 8 - Total Carryovers Apportioned to Florida                    year on Schedule I, Line 7.
Add Lines 4 through 7, and enter the total.                         Line 4 - Community Contribution Tax Credit
Line 9 - Adjusted Federal Income Apportioned to Florida             Florida allows a credit equal to 50% of a qualified community 
Subtract Line 8 from Line 3 and enter the difference on this line   contribution against corporate income tax for the taxable year of 
and on the front page of Florida Form F-1120 (Line 7).              the contribution. The amount of the community contribution credit 
                                                                    allowed is limited to $200,000 per taxpayer. You may carry forward 
                                                                    any unused credits for a period not to exceed five (5) years.



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Attach a copy of the decision approving the credit to the Florida   Tax Credit Program must submit an application to the Florida 
Form F-1120 on which you are claiming the credit.                   Housing Finance Corporation. Attach a copy of the approval 
                                                                    letter from the Florida Housing Finance Corporation to the 
Note:  Insurance companies may not claim the community 
                                                                    return. Additional information can be obtained from the Low 
contribution credit against their corporate income tax liability.
                                                                    Income Housing Administrator at 850-488-4197.
Line 5 - Enterprise Zone Property Tax Credit                              Taxpayers must include the amount claimed for the 
Any business claiming the credit must complete and attach           Note:
                                                                    current year on Schedule I, Line 11.
an Enterprise Zone Property Tax Credit form (Florida Form 
F-1158Z). Enter the amount of enterprise zone property tax          Line 12 - Florida Tax Credit Scholarship Program 
credit, including any applicable carryover credit, from Florida     Credit: (contributions to nonprofit scholarship-funding 
Form F-1158Z.                                                       organizations tax credit) 
                                                                    A credit is available against Florida corporate income tax for 
Note: Taxpayers claiming the credit must include the amount 
                                                                    contributions to nonprofit scholarship-funding organizations 
claimed for the current year on Schedule I, Line 8.
                                                                    (SFOs). To learn more about this credit or to submit your 
Line 6 - Rural Job Tax Credit and Line 7 - Urban High-Crime         application, go to floridarevenue.com/taxes/cit and under Tax 
Area Job Tax Credit                                                 Incentives select Corporate Income Tax Incentives webpage link.
Attach a copy of the approval to the return. A corporation that 
                                                                    The Department of Revenue must approve an allocation of this 
uses one of these credits against sales and use tax is not 
                                                                    credit before it can be taken. If the credit granted is not fully 
eligible to take the same credit against Florida corporate income 
                                                                    used in any one year, the unused credit can be carried forward 
tax. You may carry forward any unused credit for a period not to 
                                                                    no more than ten (10) years (five [5] years for carry forward 
exceed five (5) years.
                                                                    amounts from tax years beginning prior to January 1, 2018).
Note:  Taxpayers claiming these credits must include the 
                                                                    The credit shall be reduced by the difference between the
amounts claimed for the current year on Schedule I, Line 10.
                                                                    amount of federal corporate income tax taking into account the
Line 8 - Hazardous Waste Facility Tax Credit                        credit and the amount of federal corporate income tax without
A credit is allowed to the owner of any commercial hazardous        application of the credit. In addition, a taxpayer’s noncompliance 
waste facility for the sum of: (a) expenses for required            with the requirement to pay tentative taxes may result in the 
hydrologic, geologic, or soil site evaluations and permit fees,     revocation and rescindment of the credit when the allocation of 
and (b) 5% of the cost of stationary facility equipment used for    credit is made after a request for an extension of time. See
recycling hazardous wastes pursuant to s. 220.184, F.S. Any         s. 220.1875, F.S.
unused credit may be carried forward for a period not to exceed 
five (5) years.                                                     Attach a copy of the certificate of contribution from each 
                                                                    nonprofit scholarship-funding organization to your Florida 
Line 9 - Florida Alternative Minimum Tax (AMT) Credit               Form F-1120.
A credit for Florida AMT paid is allowable in any tax year in
which “regular” Florida tax is due following the tax year for which You may transfer this credit to members of the same affiliated 
Florida AMT was paid. For tax years beginning on or after           group. To learn more about transfers of this credit refer to Florida 
January 1, 2018, there is no Florida AMT and no additional          Form DR-116200, Florida Tax Credit Scholarship Program 
Florida AMT credit will be created.                                 Notice of Intent to Transfer a Tax Credit. For transferred credits, 
                                                                    a copy of the letter received from the Department of Revenue 
The amount of AMT credit that may be taken is limited to the        certifying the amount of credit transferred must be attached to 
lesser of:                                                          the return.
• the amount of unused Florida AMT credit carried forward from
  previous tax years, and                                           Note: Taxpayers must include the amount of any credit claimed 
• the amount of tax due on Line 11 of the computation of            for the current year on Schedule I, Line 12.
  Florida net income less the credits claimed on Lines 1 through 
  9 minus 3.3% of the amount that additions (Schedule I,            Line 13 - New Worlds Reading Initiative Credit
                                                                    A credit is available against the corporate income tax for 
  Lines 1 and 7 through 26) exceed subtractions (Schedule II, 
                                                                    contributions to the administrator under the New Worlds Reading 
  Lines 3 through 12, and if your apportionment fraction is not 
                                                                    Initiative. To learn more about this credit, or to submit your 
  100% Florida, Schedule IV, Line 8).
                                                                    application, go to floridarevenue.com/taxes/cit and under Tax 
Line 10 - Contaminated Site Rehabilitation Tax Credit:              Incentives, select the Corporate Income Tax Incentives webpage 
(voluntary cleanup tax credit)                                      link.
A credit is available to eligible entities for a percentage of 
                                                                    The Department of Revenue must approve an allocation of this 
the costs of a voluntary cleanup of a contaminated site. Any 
                                                                    credit before it can be taken. If the credit granted is not fully used 
corporation that wishes to obtain this credit must submit with its 
                                                                    in any one year, the unused credit can be carried forward no 
return a tax credit certificate issued by the Florida Department of 
                                                                    more than ten (10) years. 
Environmental Protection. Additional information can be obtained 
by contacting the Department of Environmental Protection,           The credit shall be reduced by the difference between the amount 
Bureau of Waste Cleanup, at 850-245-8927. Any unused credit         of federal corporate income tax taking into account the credit and 
may be carried forward for a period not to exceed five (5) years.   the amount of federal corporate income tax without application 
                                                                    of the credit. In addition, a taxpayer’s noncompliance with the 
Line 11 - State Housing Tax Credit                                  requirement to pay tentative taxes may result in the revocation 
A credit is available against Florida corporate income tax based 
                                                                    and rescindment of the credit when the allocation of credit is made 
upon approved low income housing projects for a five (5) year 
                                                                    after a request for an extension of time. See s. 220.1876, F.S.
credit period beginning with the year the project is completed. 
A taxpayer that wishes to participate in the State Housing



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Attach a copy of the certificate of contribution from the              You may transfer this credit to members of the same affiliated 
administrator to your Florida Form F-1120.                             group. To learn more about transfers of this credit, refer to Florida 
                                                                       Form DR-446200, Live Local Program Notice of Intent to Transfer 
You may transfer this credit to members of the same affiliated         a Tax Credit. For transferred credits, a copy of the letter received 
group. To learn more about transfers of this credit, refer to Florida  from the Department of Revenue certifying the amount of credit 
Form DR-336200, The New Worlds Reading Initiative Notice of            transferred must be attached to the return.
Intent to Transfer a Tax Credit. For transferred credits, a copy of 
the letter received from the Department of Revenue certifying the      Note: Taxpayers must include the amount of any credit claimed 
amount of credit transferred must be attached to the return.           for the current year on Schedule I, Line 15.
Note: Taxpayers must include the amount of any credit claimed          Line 16 - New Markets Tax Credit
for the current year on Schedule I, Line 13.                           A credit is available against Florida corporate income tax for a 
                                                                       qualified investment under the Florida New Markets Development 
Line 14 - Strong Families Tax Credit (credit for contributions         Program administered by the Florida Department of Commerce. 
to eligible charitable organizations)                                  Attach a copy of the credit certification. You may carry forward 
A credit is available against Florida corporate income tax for         any unused credit for a period of five (5) years.
contributions to eligible charitable organizations under the 
Florida Strong Families Tax Credit Program. To learn more about        Insurance companies may only claim this credit against their 
this credit, or to submit your application, go to                      insurance premium tax due under s. 624.509, F.S.
floridarevenue.com/taxes/cit and under Tax Incentives select 
the Corporate Income Tax Incentives webpage link.                      Note: Taxpayers must include the amount of any credit claimed 
                                                                       for the current year on Schedule I, Line 16.
The Department of Revenue must approve an allocation of this 
credit before it can be taken. If the credit granted is not fully used Line 17 - Entertainment Industry Tax Credit
in any one year, the unused credit can be carried forward no           A credit is available against Florida corporate income tax as part 
more than ten (10) years.                                              of the entertainment industry financial incentive program. The 
                                                                       program is administered by the Office of Film and Entertainment. 
The credit shall be reduced by the difference between the amount       Visit their website at filminflorida.com. Attach a copy of the 
of federal corporate income tax taking into account the credit and     approval letter for the tax credit or credit transfer to the return. 
the amount of federal corporate income tax without application         Any unused credit may be carried forward for a period not to 
of the credit. In addition, a taxpayer’s noncompliance with the        exceed five (5) years.
requirement to pay tentative taxes may result in the revocation 
and rescindment of the credit when the allocation of credit is made    Note: Taxpayers must include the amount of any credit claimed 
after a request for an extension of time. See s. 220.1877, F.S.        for the current year on Schedule I, Line 17.
Attach a copy of the certificate of contribution from each             Line 18 - Research and Development Tax Credit
eligible charitable organization to your Florida Form F-1120.          A credit is available against Florida corporate income tax based 
                                                                       upon qualified research expenses in Florida for taxpayers that 
You may transfer this credit to members of the same affiliated         also claim and are allowed a federal income tax credit under 
group. To learn more about transfers of this credit, refer to          section 41 of the IRC for the same research expenses. The 
Florida Form DR-226200, Strong Families Tax Credit Notice of           Department of Revenue must allocate this credit before it can 
Intent to Transfer a Tax Credit. For transferred credits, a copy of    be taken. Attach federal Forms 6765, 3800, and 1065, Schedule 
the letter received from the Department of Revenue certifying          K-1 (if applicable) to the return. An unused credit cannot be 
the amount of credit transferred must be attached to the return.       carried forward more than five (5) years. 
Note: Taxpayers must include the amount of any credit claimed          Note: Taxpayers must include the amount claimed for the 
for the current year on Schedule I, Line 14.                           current taxable year on Schedule I, Line 18.
Line 15 - Live Local Program Credit                                    Line 19 - Experiential Learning Tax Credit Program
A credit is available against the corporate income tax for             A credit is available against Florida corporate income tax for 
contributions to the Florida Housing Finance Corporation under         employing apprentices, preapprentices, or student interns during 
the Live Local Program. To learn more about this credit, or to         taxable years that begin in calendar years 2022 through 2025. 
submit your application, go to floridarevenue.com/taxes/cit and        The credit is $2,000 per apprentice, preapprentice, or student 
under Tax Incentives, select the Corporate Income Tax Incentives       intern up to a maximum of five apprentices, preapprentices or 
webpage link.                                                          student interns per year. To learn more about this credit, or to 
                                                                       submit your application, go to floridarevenue.com/taxes/cit and 
The Department of Revenue must approve an allocation of this           under Tax Incentives, select the Corporate Income Tax Incentives 
credit before it can be taken. If the credit granted is not fully used webpage link. The Department of Revenue must approve this 
in any one year, the unused credit can be carried forward no more      credit before it can be taken. Unused credits may be carried 
than ten (10) years.                                                   forward up to two (2) taxable years.
The credit shall be reduced by the difference between the amount       Note: Taxpayers must include the amount of any credit claimed 
of federal corporate income tax taking into account the credit and     for the current year on Schedule I, Line 19.
the amount of federal corporate income tax without application 
of the credit. In addition, a taxpayer’s noncompliance with the        Line 20 - Credit for Qualified Railroad Reconstruction or 
requirement to pay tentative taxes may result in the revocation        Replacement Expenditures
and rescindment of the credit when the allocation of credit is made    A credit is available against Florida corporate income tax equal 
after a request for an extension of time. See s. 220.1878, F.S.        to 50% of a qualifying railroad’s qualified expenditures in Florida 
Attach a copy of the certificate of contribution from the              during the taxable year, not to exceed $3,500 multiplied by the 
Florida Housing Finance Corporation to your Florida Form               number of miles of railroad track owned or leased within Florida 
F-1120.                                                                by the qualifying railroad as of the end of the taxable year in 
                                                                       which the qualified expenditures were incurred. Qualifying



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railroads that are taxpayers subject to Florida corporate income      The same assessment amount may not be offset by an insurer 
tax submit their application for credit when they file their Florida  against both its insurance premium and corporate income tax 
Form F-1120. Qualifying railroads that are not subject to Florida     liabilities.
corporate income tax submit their application for credit directly 
to the Department of Revenue. To learn more about this credit,        Attach a statement showing the computations to support the 
and to access Florida Form F-11915, Florida Credit for Qualified      credit claimed, a copy of the Assessment Levy, and a copy of the 
Railroad Reconstruction or Replacement Expenditures Application       Certificate of Contribution for each assessment claimed as a credit.
for Credit, go to floridarevenue.com/taxes/cit and under Tax          Note: Taxpayers must include the amount of any credit claimed 
Incentives, select the Corporate Income Tax Incentives webpage        for the current year on Schedule I, Line 9.
link. Unused credits may be carried forward up to five (5) taxable 
years.                                                                Line 23 - Total Credits Against the Tax
                                                                      Enter the sum of Lines 1 through 22 on this line and on the front 
You may transfer this credit to certain taxpayers. To learn           page of Florida Form F-1120 (Line 12).
more about transfers of this credit, refer to Florida Form 
F-11915T, Florida Credit for Qualified Railroad Reconstruction 
or Replacement Expenditures Notice of Intent to Transfer a            Schedule R – Nonbusiness Income
Tax Credit. For transferred credits, a copy of the letter received    Note: Taxpayers that conduct business entirely within Florida do 
from the Department of Revenue certifying the amount of credit        not need to complete Schedule R.
transferred must be attached to the return.                           Nonbusiness income is not subject to apportionment, but is 
Note: Taxpayers must include the amount of any credit claimed         allocated as provided in s. 220.16, F.S. The term nonbusiness 
for the current year on Schedule I, Line 20.                          does not include income from tangible and intangible property 
                                                                      if the acquisition, management, and disposition of the property 
Line 21 - Credit for Manufacturing of Human Breast Milk               constitute integral parts of the taxpayer’s regular trade or 
Derived Human Milk Fortifiers                                         business operations, or any amounts that could be included in 
A credit is available against Florida corporate income tax equal      apportionable income without violating the due process clause 
to 50% of the cost of equipment purchased for use in the              of the U.S. Constitution. In general, all transactions and activities 
production of human breast milk derived human milk fortifiers.        of a taxpayer that are dependent upon, or contribute to the 
To learn more about this credit, or to submit your application,       operations of the taxpayer’s economic enterprise as a whole, 
go to floridarevenue.com/taxes/cit and under Tax Incentives,          constitute the taxpayer’s trade or business. Functionally related 
select the Corporate Income Tax Incentives webpage link. The          dividends are presumed to be business income.
Department of Revenue must approve this credit before it can 
be taken. Unused credits may be carried forward up to five (5)        Nonbusiness income means rents and royalties from real or 
taxable years.                                                        tangible personal property, capital gains, interest, dividends, 
                                                                      and patent and copyright royalties, to the extent they do not 
You may transfer this credit to members of the same affiliated        arise from transactions and activities in the regular course of a 
group. To learn more about transfers of this credit, refer to Florida taxpayer’s trade or business.
Form F-11991T, Florida Credit for Manufacturing of Human Breast 
Milk Derived Human Milk Fortifiers Notice of Intent to Transfer a     Line 1 - Nonbusiness Income (Loss) Allocated to Florida 
Tax Credit. For transferred credits, a copy of the letter received    Enter each type (for example: dividends, interest, and royalties) 
from the Department of Revenue certifying the amount of credit        and the amount of nonbusiness income allocated to Florida on 
transferred must be attached to the return.                           this line and on the front page of Florida Form F-1120 (Line 8). 
Note: Taxpayers must include the amount of any credit claimed         Line 2 - Nonbusiness Income (Loss) Allocated Elsewhere
for the current year on Schedule I, Line 21.                          Enter each type (for example: dividends, interest, and royalties), 
                                                                      the state or country to which the nonbusiness income is 
Line 22 - Other Credits                                               allocated, and the amount of nonbusiness income.
Enter the amount of any other credits allowable against the           Line 3 - Total Nonbusiness Income
corporate income/franchise tax. Attach a supporting schedule          Enter the sum of Lines 1 and 2 on Line 3 and on Schedule II, 
indicating the type and amount of any allowable credit.               Line 7.
Florida Life and Health Insurance Guaranty Association 
(FLAHIGA) Assessment Credit                                           Estimated Tax Worksheet
A credit against insurance premium tax or corporate income tax is     You must make estimated payments if your corporate income tax 
available to member insurers of FLAHIGA as follows:                   liability exceeds $2,500. Complete the worksheet to determine if 
•  For each assessment levied before January 1, 1997,                 estimated tax is due.
     0.1% of the amount of the assessment for each year following     Line 2 - Florida Exemption $50,000 
the year in which the assessment was paid.                            Members of a Controlled Group - Only one $50,000 exemption 
•  For each assessment levied and paid after                          is allowed to a controlled group of corporations. For any Florida 
December 31, 1996, 5% of the amount of the assessment                 taxpayer who is a member of a controlled group, the manner 
for each of the 20 years following the year in which the              in which the members allocate the $50,000 exemption for 
assessment was paid.                                                  purposes of filing the annual Florida return will be binding upon 
The total amount of assessment that can be claimed as a credit is     all members with respect to estimated tax. This includes the 
net of any refunds received.                                          determination of whether a declaration was required and the 
                                                                      computation of penalties and interest on underpayments.
However, if a member insurer ceases doing business, all 
uncredited assessments may be credited against its insurance 
premium or corporate income tax liability for the year it ceases 
doing business.



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            Examples of Florida Net Operating Loss Carry Forward Schedules

For Taxpayers that Apportion (doing business outside Florida):
  Tax               (a)                           (b)                   (c)                       (d)                        (e)          (f)
  Year    Adjusted Federal            Apportionment Fraction    Florida Apportioned             NOLCO Applied   Florida Portion of     NOL Carry Forward 
            Income/Loss               (rounded to 6 decimal     Income/Loss (a) x (b)             (Schedule IV) Adjusted Federal          to Next Year
                                      places)                                                                   Income/Loss (c + d)

2018      $         (1,000,000)       0.123456                  $       (123,456)               $ -             $            (123,456) $  (123,456)
2019      $         750,000           0.130010                  $                       97,508  $ (123,456)     $            (25,948)  $  (25,948)
2020      $         1,500,000         0.128500                  $                       192,750 $ (25,948)      $            166,802   $  -

For 100% Florida Taxpayers:
  Tax                   (a)                                     (b)                               (c)                                  (d)
  Year                  Federal                       NOLCO Applied (Schedule II)               Adjusted Florida Income/Loss NOL Carry Forward to Next Year
                    Income/Loss

2018      $                           (1,000,000) $             -                       $             (1,000,000)            $           (1,000,000)
2019      $                           750,000     $               (1,000,000)           $             (250,000)              $            (250,000)
2020      $                           1,500,000   $                 (250,000)           $             1,250,000              $         -

  Additional Florida forms which may be needed.                                                                 Filing Tips
  F-851             Corporate Income/Franchise Tax Affiliations Schedule
  F-1065           Florida Partnership Information Return
  F-1120A         Florida Corporate Short Form Income Tax Return
  F-1120ES      Declaration/Installment of Florida                                      ü         Be sure to make copies of your return 
                        Estimated Income/Franchise Tax                                            and schedules before filing with the 
  F-1120X         Amended Florida Corporate Income/Franchise                                      Department of Revenue.
                        Tax Return
  F-1122           Authorization and Consent of Subsidiary                              ü         Notify the Department of a change of 
                        Corporation to be Included in a                                           address online at:
                        Consolidated Income Tax Return
                                                                                                  floridarevenue.com/taxes/updateaccount
  F-1156Z         Florida Enterprise Zone Jobs Credit
                        Certificate of Eligibility for Corporate
                        Income Tax                                                      ü         To find filing due dates for the current 
  F-1158Z        Enterprise Zone Property Tax Credit                                              year go to the Department’s website at
  F-2220          Underpayment of Estimated Tax on                                                floridarevenue.com/taxes/cit/duedates
                        Florida Corporate Income/Franchise Tax
  F-7004          Florida Tentative Income/Franchise Tax Return                         
                        and Application for Extension of Time
                        to File Return

                                                                    Contact Us
  Information and tutorials are available at floridarevenue.com/taxes/education.
  Tax forms and publications are available at floridarevenue.com/forms.
  To speak with a Department of Revenue representative, call Taxpayer Services at 
  850-488-6800, Monday through Friday, excluding holidays.
  Subscribe to Receive Updates by Email from the Department. 
  Subscribe to receive an email for due date reminders, Tax Information Publications (TIPs), or proposed 
  rules, including notices of rule development workshops and emergency rulemaking. Subscribe today at 
  floridarevenue.com/dor/subscribe.



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                                                                                                              F-1120N
                                                                                                              R. 01/24
                                                                                                              Page 17 of 17

                                                        References
The following documents were mentioned in this form and are incorporated by reference in the rules indicated below.
                   Forms are available online at floridarevenue.com/forms.

Form F-1120        Florida Corporate Income/Franchise Tax Return                        Rule 12C-1.051, F.A.C.
Form F-1120A       Florida Corporate Short Form Income Tax Return          Rule 12C-1.051, F.A.C.
Form F-1120ES      Declaration/Installment of Florida Estimated                         Rule 12C-1.051, F.A.C.
                   Income/Franchise Tax
Form F-7004        Florida Tentative Income/Franchise Tax Return and        Rule 12C-1.051, F.A.C.
                                   Application for Extension of Time to File Return     
Form F-1065        Florida Partnership Information Return                               Rule 12C-1.051, F.A.C.
Form F-2220        Underpayment of Estimated Tax on Florida Corporate    Rule 12C-1.051, F.A.C.
                                   Income/Franchise Tax  
Form F-851         Corporate Income/Franchise Tax Affiliations                          Rule 12C-1.051, F.A.C.
                   Schedule
Form F-1120X           Amended Florida Corporate Income/Franchise Tax         Rule 12C-1.051, F.A.C.
                                   Return   
Form F-1122        Authorization and Consent of Subsidiary Corporation                  Rule 12C-1.051, F.A.C.
                                   to be Included in a Consolidated Income Tax Return
Form F-1156Z       Florida Enterprise Zone Jobs Credit Certificate                      Rule 12C-1.051, F.A.C.
                   of Eligibility for Corporate Income Tax 
Form F-1158Z       Enterprise Zone Property Tax Credit                                  Rule 12C-1.051, F.A.C.
Form F-11915       Florida Credit for Qualified Railroad Reconstruction                 Rule 12C-1.051, F.A.C.
                   or Replacement Expenditures Application for Credit
Form F-11915T      Florida Credit for Qualified Railroad Reconstruction                 Rule 12C-1.051, F.A.C.
                   or Replacement Expenditures Notice of Intent to 
                   Transfer a Credit
Form F-11991T      Florida Credit for Manufacturing of Human Breast                     Rule 12C-1.051, F.A.C.
                   Milk Derived Human Milk Fortifiers Notice of Intent to
                   Transfer a Tax Credit
Form DR-116200     Florida Tax Credit Scholarship Program Notice of                     Rule 12-29.003, F.A.C.
                   Intent to Transfer a Tax Credit 
Form DR-336200       The New Worlds Reading Initiative Notice of Intent to              Rule 12-29.003, F.A.C.
                                   Transfer a Tax Credit
Form DR-226200      Strong Families Tax Credit Notice of Intent to                      Rule 12-29.003, F.A.C.
                                   Transfer a Tax Credit





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