Florida Senate - 2018                                     SB 502
       
       
        
       By Senator Stargel
       
       
       
       
       
       22-00750-18                                            2018502__
    1                        A bill to be entitled                      
    2         An act relating to the corporate income tax; amending
    3         s. 220.03, F.S.; adopting the 2018 version of the
    4         Internal Revenue Code; providing retroactive
    5         operation; providing an effective date.
    6          
    7  Be It Enacted by the Legislature of the State of Florida:
    8  
    9         Section 1. Paragraph (n) of subsection (1) and paragraph
   10  (c) of subsection (2) of section 220.03, Florida Statutes, are
   11  amended to read:
   12         220.03 Definitions.—
   13         (1) SPECIFIC TERMS.—When used in this code, and when not
   14  otherwise distinctly expressed or manifestly incompatible with
   15  the intent thereof, the following terms shall have the following
   16  meanings:
   17         (n) “Internal Revenue Code” means the United States
   18  Internal Revenue Code of 1986, as amended and in effect on
   19  January 1, 2018 2017, except as provided in subsection (3).
   20         (2) DEFINITIONAL RULES.—When used in this code and neither
   21  otherwise distinctly expressed nor manifestly incompatible with
   22  the intent thereof:
   23         (c) Any term used in this code has the same meaning as when
   24  used in a comparable context in the Internal Revenue Code and
   25  other statutes of the United States relating to federal income
   26  taxes, as such code and statutes are in effect on January 1,
   27  2018 2017. However, if subsection (3) is implemented, the
   28  meaning of a term shall be taken at the time the term is applied
   29  under this code.
   30         Section 2. This act shall take effect upon becoming a law
   31  and operate retroactively to January 1, 2018.