Bill Text: FL S7014 | 2015 | Regular Session | Introduced
Bill Title: Corporate Income Tax
Spectrum: Committee Bill
Status: (Introduced - Dead) 2015-04-01 - Laid on Table, companion bill(s) passed, see HB 7009 (Ch. 2015-35) [S7014 Detail]
Download: Florida-2015-S7014-Introduced.html
Florida Senate - 2015 SB 7014 By the Committee on Finance and Tax 593-02342-15 20157014__ 1 A bill to be entitled 2 An act relating to the corporate income tax; amending 3 s. 220.03, F.S.; adopting the 2015 version of the 4 Internal Revenue Code; amending s. 220.13, F.S.; 5 incorporating a reference to a recent federal act into 6 state law for the purpose of defining the term 7 “adjusted federal income”; revising the treatment by 8 this state of certain depreciation and expensing of 9 assets that are allowed for federal income tax 10 purposes; authorizing the Department of Revenue to 11 adopt emergency rules; reenacting s. 1009.97(3)(l), 12 F.S., relating to prepaid college board programs, to 13 incorporate the amendment made to s. 220.03, F.S., in 14 a reference thereto; providing for retroactive 15 application; providing an effective date. 16 17 Be It Enacted by the Legislature of the State of Florida: 18 19 Section 1. Paragraph (n) of subsection (1) and paragraph 20 (c) of subsection (2) of section 220.03, Florida Statutes, are 21 amended to read: 22 220.03 Definitions.— 23 (1) SPECIFIC TERMS.—When used in this code, and when not 24 otherwise distinctly expressed or manifestly incompatible with 25 the intent thereof, the following terms shall have the following 26 meanings: 27 (n) “Internal Revenue Code” means the United States 28 Internal Revenue Code of 1986, as amended and in effect on 29 January 1, 20152014, except as provided in subsection (3). 30 (2) DEFINITIONAL RULES.—When used in this code and neither 31 otherwise distinctly expressed nor manifestly incompatible with 32 the intent thereof: 33 (c) Any term used in this code has the same meaning as when 34 used in a comparable context in the Internal Revenue Code and 35 other statutes of the United States relating to federal income 36 taxes, as such code and statutes are in effect on January 1, 37 20152014. However, if subsection (3) is implemented, the 38 meaning of a term shall be taken at the time the term is applied 39 under this code. 40 Section 2. Paragraph (e) of subsection (1) of section 41 220.13, Florida Statutes, is amended to read: 42 220.13 “Adjusted federal income” defined.— 43 (1) The term “adjusted federal income” means an amount 44 equal to the taxpayer’s taxable income as defined in subsection 45 (2), or such taxable income of more than one taxpayer as 46 provided in s. 220.131, for the taxable year, adjusted as 47 follows: 48 (e) Adjustments related to federal acts.—Taxpayers shall be 49 required to make the adjustments prescribed in this paragraph 50 for Florida tax purposes with respect to certain tax benefits 51 received pursuant to the Economic Stimulus Act of 2008, the 52 American Recovery and Reinvestment Act of 2009, the Small 53 Business Jobs Act of 2010, the Tax Relief, Unemployment 54 Insurance Reauthorization, and Job Creation Act of 2010,andthe 55 American Taxpayer Relief Act of 2012, and the Tax Increase 56 Prevention Act of 2014. 57 1. There shall be added to such taxable income an amount 58 equal to 100 percent of any amount deducted for federal income 59 tax purposes as bonus depreciation for the taxable year pursuant 60 to ss. 167 and 168(k) of the Internal Revenue Code of 1986, as 61 amended by s. 103 of Pub. L. No. 110-185, s. 1201 of Pub. L. No. 62 111-5, s. 2022 of Pub. L. No. 111-240, s. 401 of Pub. L. No. 63 111-312,ands. 331 of Pub. L. No. 112-240, and s. 125 of Pub. 64 L. No. 113-295, for property placed in service after December 65 31, 2007, and before January 1, 20152014. For the taxable year 66 and for each of the 6 subsequent taxable years, there shall be 67 subtracted from such taxable income an amount equal to one 68 seventh of the amount by which taxable income was increased 69 pursuant to this subparagraph, notwithstanding any sale or other 70 disposition of the property that is the subject of the 71 adjustments and regardless of whether such property remains in 72 service in the hands of the taxpayer. 73 2. There shall be added to such taxable income an amount 74 equal to 100 percent of any amount in excess of $128,000 75 deducted for federal income tax purposes for the taxable year 76 pursuant to s. 179 of the Internal Revenue Code of 1986, as 77 amended by s. 102 of Pub. L. No. 110-185, s. 1202 of Pub. L. No. 78 111-5, s. 2021 of Pub. L. No. 111-240, s. 402 of Pub. L. No. 79 111-312,ands. 315 of Pub. L. No. 112-240, and s. 127 of Pub. 80 L. No. 113-295, for taxable years beginning after December 31, 81 2007, and before January 1, 20152014. For the taxable year and 82 for each of the 6 subsequent taxable years, there shall be 83 subtracted from such taxable income one-seventh of the amount by 84 which taxable income was increased pursuant to this 85 subparagraph, notwithstanding any sale or other disposition of 86 the property that is the subject of the adjustments and 87 regardless of whether such property remains in service in the 88 hands of the taxpayer. 89 3. There shall be added to such taxable income an amount 90 equal to the amount of deferred income not included in such 91 taxable income pursuant to s. 108(i)(1) of the Internal Revenue 92 Code of 1986, as amended by s. 1231 of Pub. L. No. 111-5. There 93 shall be subtracted from such taxable income an amount equal to 94 the amount of deferred income included in such taxable income 95 pursuant to s. 108(i)(1) of the Internal Revenue Code of 1986, 96 as amended by s. 1231 of Pub. L. No. 111-5. 97 4. Subtractions available under this paragraph may be 98 transferred to the surviving or acquiring entity following a 99 merger or acquisition and used in the same manner and with the 100 same limitations as specified by this paragraph. 101 5. The additions and subtractions specified in this 102 paragraph are intended to adjust taxable income for Florida tax 103 purposes, and, notwithstanding any other provision of this code, 104 such additions and subtractions shall be permitted to change a 105 taxpayer’s net operating loss for Florida tax purposes. 106 Section 3. (1) The Department of Revenue is authorized, and 107 all conditions are deemed to be met, to adopt emergency rules 108 pursuant to s. 120.54(4), Florida Statutes, for the purpose of 109 implementing this act. 110 (2) Notwithstanding any other law, emergency rules adopted 111 pursuant to subsection (1) are effective for 6 months after 112 adoption and may be renewed during the pendency of procedures to 113 adopt permanent rules addressing the subject of the emergency 114 rules. 115 (3) This section expires January 1, 2018. 116 Section 4. For the purpose of incorporating the amendment 117 made by this act to section 220.03, Florida Statutes, in a 118 reference thereto, paragraph (l) of subsection (3) of section 119 1009.97, Florida Statutes, is reenacted to read: 120 1009.97 General provisions.— 121 (3) DEFINITIONS.—As used in ss. 1009.97-1009.984, the term: 122 (l) “Internal Revenue Code” means the Internal Revenue Code 123 of 1986, as defined in s. 220.03(1), and regulations adopted 124 pursuant thereto. 125 Section 5. This act shall take effect upon becoming a law 126 and shall operate retroactively to January 1, 2015.