Lakeland Florida Form 5768 2016-2025

Lakeland Florida Form 5768: What You Should Know

City of Lakeland requires a petition. If approved it provides tax-free municipal income tax exemption on the sale of goods purchased in the area as well as the use of funds for the construction and maintenance of public facilities in the area which are of general and special advantage to the public. The income tax exemption provided by this statute can be used as the source of funding from your municipality (Census-Directed Fund) or any other source and is subject only to a 6.8% tax on any income exceeding 500,000 per year from all sources at the rate of 4.6% of net income for the first 1,000,000 in net income in excess of 500,000 (4.60 for non-high income). Any amount in excess of 500,000 exceeds this amount in the taxable year. Any amount in excess of 500,000 is taxable. This exemption is in addition to the existing exemptions for the property taxes, sales taxes, and other property taxes of the County of Lakeland and the Florida Department of Education tax exemptions, and can be used in lieu of the “income exclusion” exemption to the extent that the property or income taxes for any part of any year exceeds the maximum exclusion. Form 5768 is also used to recover municipal property tax, which is paid by both municipal and school or state taxes. This exemption must be used to pay your taxes before the City or any municipality can use “income exclusion” as the source of funding. Income exclude applies to a property owner only if their income equals or exceeds this amount. All income must be in the form of cash and cannot be from real estate investments or any other non-cash source. The exemption is a refundable tax credit. If you qualify for the credit and your tax liability exceeds the exemption amount, you must file a Schedule 1 tax return and claim it as taxable income. You can use your credit on all of your taxable year's tax returns. You must use your credit every year, and it can't be carried forward to the following year. If your property tax is not being deducted by the county of Lakeland, you can deduct the exemption from your real property tax bill by using this exemption to reduce the amount owed. For more guidance on this matter please contact. There are some cases in which property owners may find that they have insufficient sales or income to qualify for the “income exemption”.

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