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Community Contribution Tax Credit – Corporate Income Tax Incentives

Community Contribution Tax Credit

A business that donates cash, property, or goods to an approved community-based organization or government agency may take a credit against Florida corporate income tax. The credit is equal to 50 percent of the value of the donation, with a limit of $200,000 per year.

Find out how to claim this credit.

To claim the credit, the business must:

  • Complete Form 8E-17TCA#1 (Application for a Community Contribution Tax Credit). You can get this form from the Department of Economic Opportunity.
  • Attach all required documentation.
  • Get approval from the Department of Economic Opportunity (DEO), Division of Community Development before making a donation.
  • Attach the credit approval letter from DEO to the Florida corporate income tax return (Form F-1120) for the taxable year in which the donation is made.

A business may receive no more than $200,000 in community contribution tax credits yearly. Taxpayers who claim this credit against corporate income tax cannot claim the credit against sales tax or insurance premium tax.

If the credit granted exceeds the tax liability shown on the return, the balance of the credit may be carried forward for up to 5 years.