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Printable Form Instructions 1120-S Broward Florida: What You Should Know

Form 1120-S gives an individual the right to a refundable tax credit for business investments by an S corporation in certain insurance companies authorized under the federal “Federal Insurance Tax Act of 1996.” Florida's income tax code contains a special provision, known as an Enterprise Zone Property Tax Credit, which is applied to certain property and services purchased or provided to a partnership, or to an S corporation, within the state of Florida. The credit is limited to the tax paid on the first 10,000 of such property or service. Because the value of the property or service has changed, and the cost of the improvements did not change, an adjustment must be made before the credit is applied. Therefore, the cost of such improvements must be reduced by, for example, the difference between the amount of the tax due on the purchase price, and net income. If any one of these items has increased when the cost reduction for that additional item has not been made, then the credit is reduced by this amount. The credit is taken after the return is filed. The credit is computed as follows: · The amount of the taxpayer's “business” investment at the rate of 0.04 percent of taxable property to gross assets for each 10,000 of business investment in insurance companies. · The amount of the credit for property or services purchased or provided to a partnership or an S corporation within 15 calendar days after the return is filed, or before the return is due within 10 business days after the return is filed; or · The total amount of the taxpayer's business investment by any combination of a partnership and an S corporations. Florida Insurance Investment Credit, Pub. 544, Vol. 1-P (5 U.S.C. 544). The cost reduction is not a tax deduction, but is taken as a credit against the tax due for the insurance purchases. The amount of the credit is reduced by the amount of the amount paid or provided to the partnership and then re-allocated into the individual's taxable income. If the cost reduction for an individual is zero, then the credit is completely re-allocated, and the cost reduction is added to other income. When the cost reduction exceeds the tax due, the amount to be re-allocated is reduced by 1/8 of 1% of the excess.

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