Florida Senate - 2020 (PROPOSED BILL) SPB 7058
FOR CONSIDERATION By the Committee on Finance and Tax
1 A bill to be entitled
2 An act relating to the Internal Revenue Code; amending
3 s. 220.03, F.S.; adopting the 2020 version of the
4 Internal Revenue Code for purposes of the state
5 corporate income tax code; providing for retroactive
6 operation; providing an effective date.
8 Be It Enacted by the Legislature of the State of Florida:
10 Section 1. Paragraph (n) of subsection (1) and paragraph
11 (c) of subsection (2) of section 220.03, Florida Statutes, are
12 amended to read:
13 220.03 Definitions.—
14 (1) SPECIFIC TERMS.—When used in this code, and when not
15 otherwise distinctly expressed or manifestly incompatible with
16 the intent thereof, the following terms shall have the following
18 (n) “Internal Revenue Code” means the United States
19 Internal Revenue Code of 1986, as amended and in effect on
20 January 1, 2020
2019, except as provided in subsection (3).
21 (2) DEFINITIONAL RULES.—When used in this code and neither
22 otherwise distinctly expressed nor manifestly incompatible with
23 the intent thereof:
24 (c) Any term used in this code has the same meaning as when
25 used in a comparable context in the Internal Revenue Code and
26 other statutes of the United States relating to federal income
27 taxes, as such code and statutes are in effect on January 1,
28 2020 2019. However, if subsection (3) is implemented, the
29 meaning of a term shall be taken at the time the term is applied
30 under this code.
31 Section 2. The amendment to s. 220.03, Florida Statutes,
32 made by this act operates retroactively to January 1, 2020.
33 Section 3. This act shall take effect upon becoming a law.