Bill Text: FL S1516 | 2013 | Regular Session | Enrolled
Bill Title: Internal Revenue Code
Spectrum: Committee Bill
Status: (Passed) 2013-05-20 - Chapter No. 2013-46, companion bill(s) passed, see SB 1500 (Ch. 2013-40) [S1516 Detail]
Download: Florida-2013-S1516-Enrolled.html
ENROLLED 2013 Legislature SB 1516, 1st Engrossed 20131516er 1 2 An act relating to the Internal Revenue Code; amending 3 s. 220.03, F.S.; adopting the 2013 version of the code 4 for the purposes of ch. 220, F.S.; amending s. 220.13, 5 F.S.; incorporating a reference to a recent federal 6 act into state law for the purpose of defining the 7 term “adjusted federal income”; authorizing the 8 executive director of the Department of Revenue to 9 adopt emergency rules; providing for retroactive 10 application; providing an effective date. 11 12 Be It Enacted by the Legislature of the State of Florida: 13 14 Section 1. Paragraph (n) of subsection (1) and subsection 15 (2) of section 220.03, Florida Statutes, are amended to read: 16 220.03 Definitions.— 17 (1) SPECIFIC TERMS.—When used in this code, and when not 18 otherwise distinctly expressed or manifestly incompatible with 19 the intent thereof, the following terms shall have the following 20 meanings: 21 (n) “Internal Revenue Code” means the United States 22 Internal Revenue Code of 1986, as amended and in effect on 23 January 1, 20132012, except as provided in subsection (3). 24 (2) DEFINITIONAL RULES.—When used in this code and neither 25 otherwise distinctly expressed nor manifestly incompatible with 26 the intent thereof: 27 (a) The word “corporation” or “taxpayer” includesshall be28deemed to includethe words “and its successors and assigns” as 29 if these words, or words of similar import, were expressed.;30 (b) Any term used in any section of this code with respect 31 to the application of, or in connection with, the provisions of 32 any other section of this code hasshall havethe same meaning 33 as in such other section.; and34 (c) Any term used in this code hasshall havethe same 35 meaning as when used in a comparable context in the Internal 36 Revenue Code and other statutes of the United States relating to 37 federal income taxes, as such code and statutes are in effect on 38 January 1, 20132012. However, if subsection (3) is implemented, 39 the meaning of aanyterm shall be taken at the time the term is 40 applied under this code. 41 Section 2. Paragraph (e) of subsection (1) of section 42 220.13, Florida Statutes, is amended to read: 43 220.13 “Adjusted federal income” defined.— 44 (1) The term “adjusted federal income” means an amount 45 equal to the taxpayer’s taxable income as defined in subsection 46 (2), or such taxable income of more than one taxpayer as 47 provided in s. 220.131, for the taxable year, adjusted as 48 follows: 49 (e) Adjustments related to federal actsthe Federal50Economic Stimulus Act of 2008, the American Recovery and51Reinvestment Act of 2009, the Small Business Jobs Act of 2010,52and the Tax Relief, Unemployment Insurance Reauthorization, and53Job Creation Act of 2010.—Taxpayers shall be required to make 54 the adjustments prescribed in this paragraph for Florida tax 55 purposes with respectin relationto certain tax benefits 56 received pursuant to the Economic Stimulus Act of 2008, the 57 American Recovery and Reinvestment Act of 2009, the Small 58 Business Jobs Act of 2010,andthe Tax Relief, Unemployment 59 Insurance Reauthorization, and Job Creation Act of 2010, and the 60 American Taxpayer Relief Act of 2012. 61 1. There shall be added to such taxable income an amount 62 equal to 100 percent of any amount deducted for federal income 63 tax purposes as bonus depreciation for the taxable year pursuant 64 to ss. 167 and 168(k) of the Internal Revenue Code of 1986, as 65 amended by s. 103 of Pub. L. No. 110-185, s. 1201 of Pub. L. No. 66 111-5, s. 2022 of Pub. L. No. 111-240,ands. 401 of Pub. L. No. 67 111-312, and s. 331 of Pub. L. No. 112-240, for property placed 68 in service after December 31, 2007, and before January 1, 2014 692013. For the taxable year and for each of the 6 subsequent 70 taxable years, there shall be subtracted from such taxable 71 income an amount equal to one-seventh of the amount by which 72 taxable income was increased pursuant to this subparagraph, 73 notwithstanding any sale or other disposition of the property 74 that is the subject of the adjustments and regardless of whether 75 such property remains in service in the hands of the taxpayer. 76 2. There shall be added to such taxable income an amount 77 equal to 100 percent of any amount in excess of $128,000 78 deducted for federal income tax purposes for the taxable year 79 pursuant to s. 179 of the Internal Revenue Code of 1986, as 80 amended by s. 102 of Pub. L. No. 110-185, s. 1202 of Pub. L. No. 81 111-5, s. 2021 of Pub. L. No. 111-240,ands. 402 of Pub. L. No. 82 111-312, and s. 315 of Pub. L. No. 112-240, for taxable years 83 beginning after December 31, 2007, and before January 1, 2014 842013. For the taxable year and for each of the 6 subsequent 85 taxable years, there shall be subtracted from such taxable 86 income one-seventh of the amount by which taxable income was 87 increased pursuant to this subparagraph, notwithstanding any 88 sale or other disposition of the property that is the subject of 89 the adjustments and regardless of whether such property remains 90 in service in the hands of the taxpayer. 91 3. There shall be added to such taxable income an amount 92 equal to the amount of deferred income not included in such 93 taxable income pursuant to s. 108(i)(1) of the Internal Revenue 94 Code of 1986, as amended by s. 1231 of Pub. L. No. 111-5. There 95 shall be subtracted from such taxable income an amount equal to 96 the amount of deferred income included in such taxable income 97 pursuant to s. 108(i)(1) of the Internal Revenue Code of 1986, 98 as amended by s. 1231 of Pub. L. No. 111-5. 99 4. Subtractions available under this paragraph may be 100 transferred to the surviving or acquiring entity following a 101 merger or acquisition and used in the same manner and with the 102 same limitations as specified by this paragraph. 103 5. The additions and subtractions specified in this 104 paragraph are intended to adjust taxable income for Florida tax 105 purposes, and, notwithstanding any other provision of this code, 106 such additions and subtractions shall be permitted to change a 107 taxpayer’s net operating loss for Florida tax purposes. 108 Section 3. Emergency rules.— 109 (1) The executive director of the Department of Revenue is 110 authorized, and all conditions are deemed met, to adopt 111 emergency rules under ss. 120.536(1) and 120.54(4), Florida 112 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 115 adoption and may be renewed during the pendency of procedures to 116 adopt permanent rules addressing the subject of the emergency 117 rules. 118 Section 4. This act shall take effect upon becoming a law 119 and operate retroactively to January 1, 2013.