HB 5127

1	A bill to be entitled
2	An act relating to the corporate income tax; amending s.
3	220.03, F.S.; providing for the adoption of the 2009
4	version of the Internal Revenue Code; providing
5	exceptions; amending s. 220.13, F.S.; revising the
6	definition of the term "adjusted federal income" for
7	purposes of specifying the treatment by this state of
8	certain provisions dealing with depreciation and expensing
9	of assets and deferral of income that are allowed for
10	federal income tax purposes; authorizing the Department of
11	Revenue to adopt rules; providing for retroactive
12	operation; providing an effective date.
13
14	Be It Enacted by the Legislature of the State of Florida:
15
16	Section 1.  Paragraph (n) of subsection (1) and paragraph
17	(c) of subsection (2) of section 220.03, Florida Statutes, are
18	amended to read:
19	220.03  Definitions.--
20	(1)  SPECIFIC TERMS.--When used in this code, and when not
21	otherwise distinctly expressed or manifestly incompatible with
22	the intent thereof, the following terms shall have the following
23	meanings:
24	(n)  "Internal Revenue Code" means the United States
25	Internal Revenue Code of 1986, as amended and in effect on
26	January 1, 2009 2008, except as provided in subsection (3).
27	(2)  DEFINITIONAL RULES.--When used in this code and
28	neither otherwise distinctly expressed nor manifestly
29	incompatible with the intent thereof:
30	(c)  Any term used in this code shall have the same meaning
31	as when used in a comparable context in the Internal Revenue
32	Code and other statutes of the United States relating to federal
33	income taxes, as such code and statutes are in effect on January
34	1, 2009 2008. However, if subsection (3) is implemented, the
35	meaning of any term shall be taken at the time the term is
36	applied under this code.
37	Section 2.  Paragraph (e) of subsection (1) of section
38	220.13, Florida Statutes, as created by section 2 of chapter
39	2009-18, Laws of Florida, is amended to read:
40	220.13  "Adjusted federal income" defined.--
41	(1)  The term "adjusted federal income" means an amount
42	equal to the taxpayer's taxable income as defined in subsection
43	(2), or such taxable income of more than one taxpayer as
44	provided in s. 220.131, for the taxable year, adjusted as
45	follows:
46	(e)  Adjustments related to the Federal Economic Stimulus
47	Act of 2008 and the American Recovery and Reinvestment Act of
48	2009.--Taxpayers shall be required to make the adjustments
49	prescribed in this paragraph for Florida tax purposes in
50	relation to certain tax benefits received pursuant to the
51	Economic Stimulus Act of 2008 and the American Recovery and
52	Reinvestment Act of 2009.
53	1.  There shall be added to such taxable income an amount
54	equal to 100 percent of any amount deducted for federal income
55	tax purposes as bonus depreciation for the taxable year pursuant
56	to ss. 167 and 168(k) of the Internal Revenue Code of 1986, as
57	amended by s. 103 of Pub. L. No. 110-185 and s. 1201 of Pub. L.
58	No. 111-5, for property placed in service after December 31,
59	2007, and before January 1, 2010 2009. For the taxable year and
60	for each of the 6 subsequent taxable years, there shall be
61	subtracted from such taxable income an amount equal to one-
62	seventh of the amount by which taxable income was increased
63	pursuant to this subparagraph, notwithstanding any sale or other
64	disposition of the property that is the subject of the
65	adjustments and regardless of whether such property remains in
66	service in the hands of the taxpayer.
67	2.  There shall be added to such taxable income an amount
68	equal to 100 percent of any amount in excess of $128,000
69	deducted for federal income tax purposes for the taxable year
70	pursuant to s. 179 of the Internal Revenue Code of 1986, as
71	amended by s. 102 of Pub. L. No. 110-185 and s. 1202 of Pub. L.
72	No. 111-5, for taxable years beginning after December 31, 2007,
73	and before January 1, 2010 2009. For the taxable year and for
74	each of the 6 subsequent taxable years, there shall be
75	subtracted from such taxable income one-seventh of the amount by
76	which taxable income was increased pursuant to this
77	subparagraph, notwithstanding any sale or other disposition of
78	the property that is the subject of the adjustments and
79	regardless of whether such property remains in service in the
80	hands of the taxpayer.
81	3.  There shall be added to such taxable income an amount
82	equal to the amount of deferred income not included in such
83	taxable income pursuant to s. 108 of the Internal Revenue Code
84	of 1986, as amended by s. 1231 of Pub. L. No. 111-5. There shall
85	be subtracted from such taxable income an amount equal to the
86	amount of deferred income included in such taxable income
87	pursuant to s. 108 of the Internal Revenue Code of 1986, as
88	amended by s. 1231 of Pub. L. No. 111-5.
89	4.3.  Subtractions available under this paragraph may be
90	transferred to the surviving or acquiring entity following a
91	merger or acquisition and used in the same manner and with the
92	same limitations as specified by this paragraph.
93	5.4.  The additions and subtractions specified in this
94	paragraph are intended to adjust taxable income for Florida tax
95	purposes, and, notwithstanding any other provision of this code,
96	such additions and subtractions shall be permitted to change a
97	taxpayer's net operating loss for Florida tax purposes.
98	Section 3.  The Department of Revenue may adopt rules
99	necessary to administer the provisions of this act.
100	Section 4.  This act shall take effect upon becoming a law
101	and shall operate retroactively to January 1, 2009.

CODING: Words stricken are deletions; words underlined are additions.