House Bill hb1975

    Florida House of Representatives - 2001                HB 1975

        By the Committee on Fiscal Policy & Resources and
    Representative Wallace





  1                      A bill to be entitled

  2         An act relating to the corporate income tax;

  3         amending s. 220.03, F.S.; updating references

  4         to the Internal Revenue Code; providing for

  5         retroactive effect; providing an effective

  6         date.

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  8  Be It Enacted by the Legislature of the State of Florida:

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10         Section 1.  Paragraph (n) of subsection (1) and

11  paragraph (c) of subsection (2) of section 220.03, Florida

12  Statutes, are amended to read:

13         220.03  Definitions.--

14         (1)  SPECIFIC TERMS.--When used in this code, and when

15  not otherwise distinctly expressed or manifestly incompatible

16  with the intent thereof, the following terms shall have the

17  following meanings:

18         (n)  "Internal Revenue Code" means the United States

19  Internal Revenue Code of 1986, as amended and in effect on

20  January 1, 2001 2000, except as provided in subsection (3).

21         (2)  DEFINITIONAL RULES.--When used in this code and

22  neither otherwise distinctly expressed nor manifestly

23  incompatible with the intent thereof:

24         (c)  Any term used in this code shall have the same

25  meaning as when used in a comparable context in the Internal

26  Revenue Code and other statutes of the United States relating

27  to federal income taxes, as such code and statutes are in

28  effect on January 1, 2001 2000. However, if subsection (3) is

29  implemented, the meaning of any term shall be taken at the

30  time the term is applied under this code.

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    Florida House of Representatives - 2001                HB 1975

    696-191-01






  1         Section 2.  This act shall take effect upon becoming a

  2  law and shall operate retroactively to January 1, 2001.

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  5                          HOUSE SUMMARY

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      Updates references to the Internal Revenue Code for
  7    purposes of the corporate income tax. Provides for
      retroactive effect.
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