Florida Senate - 2023                   (Proposed Bill) SPB 7058
       
       
        
       FOR CONSIDERATION By the Committee on Finance and Tax
       
       
       
       
       
       593-03806A-23                                         20237058pb
    1                        A bill to be entitled                      
    2         An act relating to the Internal Revenue Code; amending
    3         s. 220.03, F.S.; revising the date of adoption of the
    4         Internal Revenue Code and other federal income tax
    5         statutes for purposes of the state corporate income
    6         tax; providing retroactive operation; providing an
    7         effective date.
    8          
    9  Be It Enacted by the Legislature of the State of Florida:
   10  
   11         Section 1. Paragraph (n) of subsection (1) and paragraph
   12  (c) of subsection (2) of section 220.03, Florida Statutes, are
   13  amended to read:
   14         220.03 Definitions.—
   15         (1) SPECIFIC TERMS.—When used in this code, and when not
   16  otherwise distinctly expressed or manifestly incompatible with
   17  the intent thereof, the following terms shall have the following
   18  meanings:
   19         (n) “Internal Revenue Code” means the United States
   20  Internal Revenue Code of 1986, as amended and in effect on
   21  January 1, 2023 2022, except as provided in subsection (3).
   22         (2) DEFINITIONAL RULES.—When used in this code and neither
   23  otherwise distinctly expressed nor manifestly incompatible with
   24  the intent thereof:
   25         (c) Any term used in this code has the same meaning as when
   26  used in a comparable context in the Internal Revenue Code and
   27  other statutes of the United States relating to federal income
   28  taxes, as such code and statutes are in effect on January 1,
   29  2023 2022. However, if subsection (3) is implemented, the
   30  meaning of a term shall be taken at the time the term is applied
   31  under this code.
   32         Section 2. The amendment made by this act to s. 220.03,
   33  Florida Statutes, operates retroactively to January 1, 2023.
   34         Section 3. This act shall take effect upon becoming a law.