CODING: Words stricken are deletions; words underlined are additions.
Senate Bill 0608
    Florida Senate - 1998                                   SB 608

    By Senator Ostalkiewicz





    301-654-98

  1                      A bill to be entitled

  2         An act relating to the corporate income tax;

  3         amending s. 220.03, F.S.; updating references

  4         to the United States Internal Revenue Code for

  5         purposes of the corporate income tax; providing

  6         for retroactive effect; providing an effective

  7         date.

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  9  Be It Enacted by the Legislature of the State of Florida:

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11         Section 1.  Paragraph (n) of subsection (1) and

12  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

16  not otherwise distinctly expressed or manifestly incompatible

17  with the intent thereof, the following terms shall have the

18  following 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, 1998 1997, except as provided in subsection (3).

22         (2)  DEFINITIONAL RULES.--When used in this code and

23  neither otherwise distinctly expressed nor manifestly

24  incompatible with the intent thereof:

25         (a)  The word "corporation" or "taxpayer" shall be

26  deemed to include the words "and its successors and assigns"

27  as if these words, or words of similar import, were expressed;

28         (b)  Any term used in any section of this code with

29  respect to the application of, or in connection with, the

30  provisions of any other section of this code shall have the

31  same meaning as in such other section; and

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






    Florida Senate - 1998                                   SB 608
    301-654-98




  1         (c)  Any term used in this code shall have the same

  2  meaning as when used in a comparable context in the Internal

  3  Revenue Code and other statutes of the United States relating

  4  to federal income taxes, as such code and statutes are in

  5  effect on January 1, 1998 1997. However, if subsection (3) is

  6  implemented, the meaning of any term shall be taken at the

  7  time the term is applied under this code.

  8         Section 2.  This act shall take effect upon becoming a

  9  law and shall operate retroactively to January 1, 1998.

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12                          SENATE SUMMARY

13    Updates references to the United States Internal Revenue
      Code for purposes of definitions and terms used in the
14    Florida Income Tax Code. Provides for the act to apply
      retroactively to January 1, 1998.
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