House Bill 1921

    Florida House of Representatives - 1999                HB 1921

        By Representative Spratt






  1                      A bill to be entitled

  2         An act relating to corporate income tax;

  3         amending s. 220.03, F.S.; defining "citrus

  4         processing company"; amending s. 220.151, F.S.;

  5         allowing certain citrus processing companies to

  6         elect to determine the apportionment of their

  7         adjusted federal income to this state solely by

  8         use of the sales factor; providing an effective

  9         date.

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

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13         Section 1.  Paragraph (hh) is added to subsection (1)

14  of section 220.03, Florida Statutes, 1998 Supplement, to read:

15         220.03  Definitions.--

16         (1)  SPECIFIC TERMS.--When used in this code, and when

17  not otherwise distinctly expressed or manifestly incompatible

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

19  following meanings:

20         (hh)  "Citrus processing company" means a corporation

21  which, during the 60-month period ending on December 31, 1997,

22  had derived more than 50 percent of its total gross receipts

23  from the processing of citrus products and the manufacture of

24  juices.

25         Section 2.  Subsection (3) is added to section 220.151,

26  Florida Statutes, to read:

27         220.151  Apportionment; methods for special

28  industries.--

29         (3)  For any taxable year beginning on or after January

30  1, 1999, a citrus processing company may, if required to

31  apportion its taxable net income pursuant to the three-factor

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






    Florida House of Representatives - 1999                HB 1921

    587-121-99






  1  apportionment method set forth in s. 220.15(1), elect to have

  2  such apportionment determined for that taxable year solely by

  3  use of the sales factor, as set forth in s. 220.15(5). The

  4  election shall be made by the filing of a return for the

  5  taxable year utilizing this method.

  6         Section 3.  This act shall take effect upon becoming a

  7  law, and shall apply to all tax years beginning on or after

  8  January 1, 1999.

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11                          HOUSE SUMMARY

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      Allows certain citrus processing companies to elect to
13    determine the apportionment of their adjusted federal
      income to this state for corporate income tax purposes
14    solely on the basis of the sales factor.

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