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The Florida Senate

SB 1516 — Internal Revenue Code

by Appropriations Committee

This summary is provided for information only and does not represent the opinion of any Senator, Senate Officer, or Senate Office.

Prepared by: Appropriations Committee (AP)

The bill adopts the 2013 version of the United States Internal Revenue Code for purposes of the Florida corporate income tax.

It requires Florida taxpayers who take advantage of the extraordinary capital asset expensing and depreciation provisions authorized by the American Taxpayer Relief Act of 2012 to spread the benefit of those deductions over a 7-year period.

If approved by the Governor, these provisions take effect upon becoming law and operate retroactively to January 1, 2013.

Vote: Senate 40-0; House 117-0