¹220.68  Credit against tax.--There shall be allowed as a credit against the tax imposed by this part for the taxable year an amount which shall not exceed whichever of the following is the lesser:

(1)  The intangible tax imposed upon, and paid by, any bank or savings association pursuant to s. 199.032; or

(2)  Sixty-five percent of the sum of the tax due pursuant to this part before the credit and the tax due pursuant to chapter 221.

However, the credit granted in this section shall be allowed only if the department is permitted by all appropriate federal agencies to audit the accounts and records of the bank or savings association claiming the credit, in order to determine that all taxes due the State of Florida are in fact paid, and the credit shall not be granted for any taxable year in which the department is denied access to such accounts and records.

History.--s. 6, ch. 73-152; s. 3, ch. 82-385; s. 33, ch. 85-342; s. 6, ch. 90-132; s. 8, ch. 98-132.