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Florida Automatic Refund of Corporate Income Tax

Tax Development Jan 18, 2022

Florida Automatic Refund of Corporate Income Tax

On January 13, 2022, the Florida Department of Revenue (DOR) issued Tax Information Publication No. 22C01-02 detailing the procedures for corporate taxpayers to receive a refund of corporate taxes paid for tax years starting on or after April 1, 2019 and ending on or before March 31, 2020. The automatic refunds are based on a law enacted in 2018 in response to the Federal Tax Cuts and Jobs Act of 2017 (“TCJA”). Because of the broadening of the federal tax base under the TCJA, the Florida Legislature determined that if corporate income taxes exceed the projected fiscal budget for that year, taxpayers would receive a refund of a portion of their taxes paid. 

For the second year in a row, the Florida corporate income taxes collected exceeded the fiscal budgeted amount. To obtain a refund, taxpayers must file their corporate income/franchise tax returns on or before February 1, 2022. Only returns filed by this date will be considered for the refund. Calendar year Florida filers should have filed their 2020 returns by November 1, 2021. Fiscal year filers with a March 31, 2021 deadline would have filed returns by February 1, 2022, and as long as no further extensions were granted or amended returns filed, there is nothing further that need be done.  

If you need assistance in making your filing by February 1, 2022, Ryan’s income tax compliance team is here to assist you. 


Mark L. Nachbar

Mary Bernard

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