Bill > S7048

This bill updates Florida's corporate income tax laws by revising the reference date for the federal Internal Revenue Code (IRC) to January 1, 2026, meaning that for state tax purposes, federal tax laws as they exist on that date will generally apply. It specifically prohibits certain amendments to the IRC made by Public Law No. 119-21 from retroactively affecting taxable income for years before January 1, 2026, and clarifies that limitations, deductions, expenses, or amortization from these amendments can only impact taxable income for tax years beginning on or after January 1, 2026, with specific exceptions. The bill also mandates that certain provisions of the IRC, particularly those related to bonus depreciation and research and development expenses, are disregarded for specific tax years, requiring taxpayers to adjust their state taxable income accordingly, often by adding back amounts deducted federally and then subtracting them over several years. Furthermore, it allows the Department of Revenue to adopt emergency rules to implement these changes, which will be effective for a limited time and can be renewed while permanent rules are developed, with these provisions operating retroactively to January 1, 2026, and expiring on July 1, 2027.

Finance and Tax (Senate)

https://www.flsenate.gov/Session/Bill/2026/7048