Florida Senate - 2020                   (PROPOSED BILL) SPB 7058
       FOR CONSIDERATION By the Committee on Finance and Tax
       593-02951-20                                          20207058pb
    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
   17  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, 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.