This bill amends Florida's corporate income tax laws by revising definitions and introducing new provisions related to the taxation of corporations, particularly those that are part of a "unitary combined group." It updates the definition of "taxpayer" to include corporations within such groups and modifies the definition of "adjusted federal income" to prohibit certain deductions and limit carryovers. The bill repeals the existing section on adjusted federal income for affiliated groups and establishes new sections that require all members of a unitary combined group to report their net income collectively using a unitary combined reporting method. It also specifies the criteria for determining membership in a unitary combined group and outlines rules for calculating and reporting income.

Additionally, the bill grants the Department of Revenue the authority to adopt necessary rules and forms for administering the tax code, including provisions for preventing tax avoidance by unitary combined groups. It revises the calculation for prorating corporate income tax exemptions and updates provisions regarding sales attribution to the state. The bill mandates that starting from the taxable year beginning on or after January 1, 2027, taxpayers in a unitary combined group will be required to file a combined Florida corporate income tax return. It also includes provisions for tax credits related to solid waste removal, health care facilities, and affordable housing, ensuring that any additional revenue generated is deposited into the General Revenue Fund, with the bill set to take effect on July 1, 2026.

Statutes affected:
S 238 Filed: 220.03, 220.13, 220.131, 220.183, 220.1875, 220.1876, 220.1877, 220.18775, 220.1878, 220.19, 220.1991, 220.51, 220.64