Bill > H7099

This bill updates Florida's corporate income tax laws to align with the 2013 version of the federal Internal Revenue Code, meaning that for state tax purposes, the state will generally follow federal definitions and rules as they existed on January 1, 2013. It specifically addresses how certain depreciation and expensing deductions, which are allowed for federal income tax purposes under various federal acts like the American Taxpayer Relief Act of 2012, will be treated for Florida tax purposes. For example, it clarifies that while bonus depreciation and certain Section 179 expensing deductions are added back to taxable income for Florida, a portion of these amounts can be subtracted over the following seven years, effectively spreading the tax impact. The bill also allows the executive director of the Department of Revenue to adopt emergency rules to implement these changes and states that the act will take effect immediately upon becoming law and will apply retroactively to January 1, 2013.