Bill Text: FL S1998 | 2011 | Regular Session | Comm Sub
Bill Title: Corporate Income Tax
Spectrum: Bipartisan Bill
Status: (N/A - Dead) 2011-05-03 - Read 2nd time -SJ 777 [S1998 Detail]
Download: Florida-2011-S1998-Comm_Sub.html
Florida Senate - 2011 CS for CS for SB 1998 By the Committees on Budget; Budget Subcommittee on Finance and Tax; and Budget Subcommittee on Finance and Tax; and Senators Alexander and Bogdanoff 576-04620-11 20111998c2 1 A bill to be entitled 2 An act relating to the corporate income tax; amending 3 s. 220.03, F.S.; providing for the adoption of the 4 2011 version of the Internal Revenue Code; amending s. 5 220.13, F.S.; specifying the treatment by this state 6 of certain depreciation and expensing of assets that 7 are allowed for federal income tax purposes; 8 authorizing the executive director of the Department 9 of Revenue to adopt emergency rules; providing an 10 appropriation; providing for the reversion of funds 11 and reappropriation; providing for retroactive 12 application; providing an effective date. 13 14 Be It Enacted by the Legislature of the State of Florida: 15 16 Section 1. Paragraph (n) of subsection (1) and subsection 17 (2) of section 220.03, Florida Statutes, are amended to read: 18 220.03 Definitions.— 19 (1) SPECIFIC TERMS.—When used in this code, and when not 20 otherwise distinctly expressed or manifestly incompatible with 21 the intent thereof, the following terms shall have the following 22 meanings: 23 (n) “Internal Revenue Code” means the United States 24 Internal Revenue Code of 1986, as amended and in effect on 25 January 1, 20112010, except as provided in subsection (3). 26 (2) DEFINITIONAL RULES.—When used in this code and neither 27 otherwise distinctly expressed nor manifestly incompatible with 28 the intent thereof: 29 (a) The word “corporation” or “taxpayer” shall be deemed to 30 include the words “and its successors and assigns” as if these 31 words, or words of similar import, were expressed; 32 (b) Any term used in any section of this code with respect 33 to the application of, or in connection with, the provisions of 34 any other section of this code shall have the same meaning as in 35 such other section; and 36 (c) Any term used in this code shall have the same meaning 37 as when used in a comparable context in the Internal Revenue 38 Code and other statutes of the United States relating to federal 39 income taxes, as such code and statutes are in effect on January 40 1, 20112010. However, if subsection (3) is implemented, the 41 meaning of any term shall be taken at the time the term is 42 applied under this code. 43 Section 2. Paragraph (e) of subsection (1) of section 44 220.13, Florida Statutes, is amended to read: 45 220.13 “Adjusted federal income” defined.— 46 (1) The term “adjusted federal income” means an amount 47 equal to the taxpayer’s taxable income as defined in subsection 48 (2), or such taxable income of more than one taxpayer as 49 provided in s. 220.131, for the taxable year, adjusted as 50 follows: 51 (e) Adjustments related to the Federal Economic Stimulus 52 Act of 2008,andthe American Recovery and Reinvestment Act of 53 2009, the Small Business Jobs Act of 2010, and the Tax Relief, 54 Unemployment Insurance Reauthorization, and Job Creation Act of 55 2010.—Taxpayers shall be required to make the adjustments 56 prescribed in this paragraph for Florida tax purposes in 57 relation to certain tax benefits received pursuant to the 58 Economic Stimulus Act of 2008,andthe American Recovery and 59 Reinvestment Act of 2009, the Small Business Jobs Act of 2010, 60 and the Tax Relief, Unemployment Insurance Reauthorization, and 61 Job Creation Act of 2010. 62 1. There shall be added to such taxable income an amount 63 equal to 100 percent of any amount deducted for federal income 64 tax purposes as bonus depreciation for the taxable year pursuant 65 to ss. 167 and 168(k) of the Internal Revenue Code of 1986, as 66 amended by s. 103 of Pub. L. No. 110-185,ands. 1201 of Pub. L. 67 No. 111-5, s. 2022 of Pub. L. No. 111-240, and s. 401 of Pub. L. 68 No. 111-312, for property placed in service after December 31, 69 2007, and before January 1, 20132010. For the taxable year and 70 for each of the 6 subsequent taxable years, there shall be 71 subtracted from such taxable income an amount equal to one 72 seventh of the amount by which taxable income was increased 73 pursuant to this subparagraph, notwithstanding any sale or other 74 disposition of the property that is the subject of the 75 adjustments and regardless of whether such property remains in 76 service in the hands of the taxpayer. 77 2. There shall be added to such taxable income an amount 78 equal to 100 percent of any amount in excess of $128,000 79 deducted for federal income tax purposes for the taxable year 80 pursuant to s. 179 of the Internal Revenue Code of 1986, as 81 amended by s. 102 of Pub. L. No. 110-185,ands. 1202 of Pub. L. 82 No. 111-5, s. 2021 of Pub. L. No. 111-240, and s. 402 of Pub. L. 83 No. 111-312, for taxable years beginning after December 31, 84 2007, and before January 1, 20132010. For the taxable year and 85 for each of the 6 subsequent taxable years, there shall be 86 subtracted from such taxable income one-seventh of the amount by 87 which taxable income was increased pursuant to this 88 subparagraph, notwithstanding any sale or other disposition of 89 the property that is the subject of the adjustments and 90 regardless of whether such property remains in service in the 91 hands of the taxpayer. 92 3. There shall be added to such taxable income an amount 93 equal to the amount of deferred income not included in such 94 taxable income pursuant to s. 108(i)(1) of the Internal Revenue 95 Code of 1986, as amended by s. 1231 of Pub. L. No. 111-5. There 96 shall be subtracted from such taxable income an amount equal to 97 the amount of deferred income included in such taxable income 98 pursuant to s. 108(i)(1) of the Internal Revenue Code of 1986, 99 as amended by s. 1231 of Pub. L. No. 111-5. 100 4. Subtractions available under this paragraph may be 101 transferred to the surviving or acquiring entity following a 102 merger or acquisition and used in the same manner and with the 103 same limitations as specified by this paragraph. 104 5. The additions and subtractions specified in this 105 paragraph are intended to adjust taxable income for Florida tax 106 purposes, and, notwithstanding any other provision of this code, 107 such additions and subtractions shall be permitted to change a 108 taxpayer’s net operating loss for Florida tax purposes. 109 Section 3. (1) The executive director of the Department of 110 Revenue is authorized, and all conditions are deemed met, to 111 adopt emergency rules under ss. 120.536(1) and 120.54(4), 112 Florida Statutes, for the purpose of implementing this act. 113 (2) Notwithstanding any other provision of law, the 114 emergency rules shall remain in effect for 6 months after they 115 are adopted and may be renewed during the pendency of procedures 116 to adopt permanent rules addressing the subject of the emergency 117 rules. 118 Section 4. For the 2010-2011 fiscal year, the sum of 119 $99,740 in nonrecurring funds is appropriated from the General 120 Revenue Fund to the Department of Revenue for purposes of 121 implementing this act. Funds remaining unexpended or 122 unencumbered from this appropriation as of June 30, 2011, shall 123 revert and be reappropriated for the same purpose in the 2011 124 2012 fiscal year. 125 Section 5. This act shall take effect upon becoming a law, 126 and shall operate retroactively to January 1, 2011.