Yes, Florida has a corporate income tax. The rate is 5.5 percent, it applies to C-corporations and entities the IRS treats as corporations, and it is governed by Chapter 220 of the Florida Statutes and administered by the Florida Department of Revenue.1Florida Senate. Florida Code Chapter 220 – Section 220.02 The state has no personal income tax, but corporate profits are a separate matter.
Who Owes the Tax
C-corporations are the primary filers. Any corporation that does business in Florida, earns income from Florida sources, or is organized under Florida law has to file a return, and that includes out-of-state corporations with activities in the state.1Florida Senate. Florida Code Chapter 220 – Section 220.02 Limited liability companies that elect corporate treatment with the IRS get pulled in as well, because the federal election changes how Florida classifies the entity.
Several common structures are exempt. S-corporations generally owe no Florida corporate income tax because their profits pass through to shareholders, and since Florida has no personal income tax, that income effectively escapes state tax entirely. Sole proprietorships, partnerships, and most LLCs taxed as partnerships also sit outside this tax.2Florida Senate. Florida Code Chapter 220 – Section 220.1991
Out-of-state corporations generally create a filing obligation through physical activity in Florida. The Department of Revenue points to things like assembling, installing, or servicing products in the state, owning or leasing property here, and delivering goods to Florida customers in company-owned vehicles.3Florida Dept. of Revenue. Information for Out-of-State Businesses Florida has not published a dollar-amount economic nexus threshold for corporate income tax, so the physical-presence factors remain the main triggers.
How the Tax Is Calculated
The starting point is your federal taxable income from Federal Form 1120. Florida then requires specific additions and subtractions to arrive at “adjusted federal income.”4Florida Dept. of Revenue. Corporate Income Tax A common addition is state income taxes you deducted federally, since Florida doesn’t allow that deduction at the state level. Common subtractions include certain income Florida excludes from its base, such as some dividend income already subject to federal tax.5Online Sunshine. Florida Statutes Section 220.13
If your corporation operates both inside and outside Florida, you apportion adjusted federal income using a three-factor formula weighted 25 percent property, 25 percent payroll, and 50 percent sales. Only the portion attributed to Florida is taxable here.
From that apportioned figure, you subtract a $50,000 exemption to get Florida net income. The 5.5 percent rate is applied to that net income.4Florida Dept. of Revenue. Corporate Income Tax
The $50,000 Exemption and Credits
Every corporation subject to this tax gets the $50,000 exemption before the rate is applied.4Florida Dept. of Revenue. Corporate Income Tax A corporation with $50,000 or less in Florida net income after adjustments and apportionment owes nothing.
Beyond the exemption, credits can further reduce your bill. According to the Department of Revenue, available credits include ones for paying wages in Florida, for paying certain other state taxes or assessments, and for making qualifying investments in the state.4Florida Dept. of Revenue. Corporate Income Tax Each has its own eligibility rules and documentation requirements, so check the Department’s corporate incentives page before claiming one.
When the Return and Payments Are Due
Florida corporate income tax returns are due on the first day of the fifth month after the close of your tax year, or 15 days after the federal return due date without extension, whichever is later.6Online Sunshine. Florida Statutes Section 220.222 For a calendar-year corporation with a federal Form 1120 due April 15, the Florida return is due May 1.
You can get a six-month extension by filing Florida Form F-7004 with a tentative tax payment by the original due date. Corporations with a June 30 fiscal year end get seven months instead. A federal extension does not automatically extend your Florida deadline; you have to file the F-7004 separately with the Department of Revenue.4Florida Dept. of Revenue. Corporate Income Tax The extension buys time to file, not time to pay.
If you expect to owe more than $2,500 for the year, you have to make quarterly estimated payments, each at least 25 percent of your estimated annual liability. For most corporations, installments are due on the last day of the fifth, sixth, and ninth months of the tax year, plus the last day of the tax year itself. Corporations with a June 30 fiscal year end pay in the fourth, sixth, and ninth months plus year-end.7Florida Dept. of Revenue. Florida Form F-1120ES Missing estimated payments produces interest and penalties on the underpayment.
How to File
The primary form is Florida Form F-1120, available on the Department of Revenue’s website. You’ll need your Federal Employer Identification Number, your federal taxable income from Federal Form 1120, records of any Florida additions and subtractions, and your corporation’s legal name, address, and fiscal year dates.
Filing options depend on the form. The short form (F-1120A) and extension requests (F-7004) can be filed directly through the Department’s online portal. The long form (F-1120) is filed through the IRS Modernized e-File program using approved software.8Florida Dept. of Revenue. File and Pay Corporate Income Tax Corporations that are not required to file electronically may still mail paper returns. Payments go through the electronic system by fund transfer or credit card.
Penalties and Interest
Florida charges a floating interest rate on any tax not paid on time, whether that’s a late payment, an underpayment, or a missed estimated installment. For the first half of 2026, the rate is 11 percent annually.9Florida Dept. of Revenue. Tax and Interest Rates It adjusts every six months, so check the Department’s rate page before making a late payment.
Separate penalties apply for filing late or paying less than the full amount owed. Interest runs from the original due date, not from any extended one, so a filing extension does not shield you from interest on unpaid tax.
The Annual Report Is a Separate Requirement
Don’t confuse the corporate income tax with the Florida annual report. Every corporation registered in Florida must file an annual report with the Division of Corporations by May 1 each year, with a $150 filing fee for for-profit corporations.10Florida Division of Corporations. Fees It’s a separate obligation that keeps your registration active.
Filing after May 1 adds a $550 late fee, and failing to file at all can lead to administrative dissolution. Reinstating a dissolved corporation costs $600 plus any unpaid annual report fees for the missed years.10Florida Division of Corporations. Fees Both deadlines land around May 1 for calendar-year corporations, so track them together.