Effective July 1, 2023, an additional $10 million in credit allocations will be available for the Strong Families Tax Credit. This increases the available credit to a total of $20 million for the 2023-24 state fiscal year and all future fiscal years.
Starting July 1, 2023, taxpayers may apply for allocations of the additional credit amount available.
The Strong Families Tax Credit program allows taxpayers to make private, voluntary contributions to eligible charitable organizations and receive a dollar-for-dollar credit against the following Florida taxes:
• Corporate income tax
• Excise tax on liquor, wine, and malt beverages
• Gas and oil production tax
• Insurance premium tax
• Use tax due under a direct pay permit
Visit the Department’s website or Rules 12-29.003 and 12-29.004, Florida Administrative Code, for more information.
References: Sections 211.0253, 212.1834, 220.02, 220.13, 220.1877, 402.62, 561.1213, and 624.51057, Florida Statutes
Read the full DOR Tax Information Publication, dated June 19, 2023.
