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On October 11, 2022, the Florida District Court of Appeals, First District held oral arguments on State Farm Mutual Automobile Insurance Company v. Florida Department of Revenue, a case relating to the “add back” to Florida taxable income of interest earned on state and local bonds, for purposes of calculating Florida corporate income tax. The case specifically relates to whether Florida statutes require property-casualty insurance companies such as the taxpayer in State Farm to “add back” all tax exempt interest that is deducted from federal taxable income under IRC section 832(c)(7) without any adjustment to account for the inclusion of 15% of such interest in federal taxable income under IRC section 832(b)(5)(B).
Read the full Legal Alert here.
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