summary
Introduced
04/17/2019
04/17/2019
In Committee
04/26/2019
04/26/2019
Crossed Over
04/26/2019
04/26/2019
Passed
05/02/2019
05/02/2019
Dead
Signed/Enacted/Adopted
07/01/2019
07/01/2019
Introduced Session
2019 Regular Session
Bill Summary
Adopts IRC provisions in effect on January 1, 2019; extends period during which specified automatic refunds & downward adjustments to tax rates apply; revises subtractions to be made in calculating taxable income requiring submission of certain corporate tax information to DOR; requires DOR to create secure online application form to allow taxpayers to submit such information; provides deadlines; provides audit & investigation authority; provides for penalty; provides repeal date; authorizes emergency rules; provides appropriation.
AI Summary
This bill:
- Adopts the Internal Revenue Code (IRC) provisions in effect as of January 1, 2019, for the purpose of defining terms in the Florida corporate income tax law.
- Extends the period during which specified automatic refunds and downward adjustments to tax rates apply, from 2018-2019 to 2018-2019 through 2020-2021.
- Revises the subtractions to be made in calculating taxable income, including allowing a deduction for global intangible low-taxed income and foreign-derived intangible income.
- Requires certain corporate taxpayers to submit additional tax information to the Department of Revenue (DOR), and authorizes the DOR to create a secure online application form for this purpose.
- Provides deadlines, audit and investigation authority, and penalties for failure to submit the required information.
- Authorizes the DOR to adopt emergency rules to implement the act, and appropriates $120,000 in non-recurring funds to the DOR for this purpose.
- The bill generally operates retroactively to January 1, 2019, with some provisions retroactive to January 1, 2018.
Committee Categories
Budget and Finance
Sponsors (1)
Other Sponsors (1)
Ways and Means Committee (H)
Last Action
Chapter No. 2019-168 (on 07/01/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.flsenate.gov/Session/Bill/2019/7127 |
| Bill | https://www.flsenate.gov/Session/Bill/2019/7127/BillText/er/PDF |
| Bill | https://www.flsenate.gov/Session/Bill/2019/7127/BillText/Filed/PDF |
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