This bill amends sections 220.03 and 220.13 of the Florida Statutes to update the adoption date of the Internal Revenue Code for state corporate income tax purposes to January 1, 2026. It prohibits the retroactive application of certain amendments to the Internal Revenue Code that would affect taxable income for years beginning before this date. The bill specifies that any limitations, deductions, expenses, or amortizations can only impact taxable income calculations for taxable years starting on or after January 1, 2026. Additionally, it requires taxpayers to adjust their taxable income in a specified manner, including adding back amounts deducted for federal income tax purposes as bonus depreciation.

The bill also includes provisions for the Department of Revenue to adopt emergency rules to facilitate its implementation, with these rules being effective for six months and renewable under certain conditions. The amendments made by this act are retroactively effective from January 1, 2026, and the Department is authorized to create necessary rules for administering these changes. The act will take effect upon becoming law.

Statutes affected:
S 7048 Filed: 220.13