Florida Florida Statutes
§ 220.1105 — Tax imposed; automatic refunds and downward adjustments to tax rates
FS § 220.1105Ch. 220
Statute text
View on source(1)As used in this section, the term:(a) “Net collections” for a fiscal year means the total amount of taxes collected under this chapter by the department in a state fiscal year, including related interest and penalties, minus the total amount of refunds of taxes levied under this chapter and issued by the department in that fiscal year. No later than September 1 of each year, the Office of Economic and Demographic Research shall determine net collections for the most recent fiscal year.
(b)“Forecasted net collections” for a fiscal year means the amount of net collections forecasted for a fiscal year by the Revenue Estimating Conference on February 23, 2018.
(c)“Adjusted forecasted collections” for a fiscal year means forecasted net collections for a fiscal year multiplied by 1.07.
(d)“Tax rate imposed” is the tax rate as defined in ss. 220.11(2) and 220.63(2) adjusted as set forth in this section.
(2)The tax rate imposed shall be adjusted based on net collections in each of the fiscal years 2018-2019 through 2020-2021. If the net collections for a fiscal year exceed the adjusted forecasted collections for the same fiscal year, the tax rate imposed for taxable years beginning on or after January 1 of the calendar year in which the fiscal year ends shall be the tax rate imposed for taxable years beginning on or after January 1 of the preceding calendar year multiplied by the quotient of the adjusted forecasted collections for the fiscal year divided by the net collections for the same fiscal year. The resulting tax rate shall be rounded to the nearest thousandth and rounded down if the fourth digit to the right of the decimal point is the number five. The resulting tax rate shall be the tax rate imposed for subsequent taxable years for purposes of ss. 220.11(2) and 220.63(2) unless adjusted further under this section.
…