CODING: Words stricken are deletions; words underlined are additions.
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Senator McKay moved the following amendment:
SENATE AMENDMENT
Bill No. SB 676
Amendment No.
CHAMBER ACTION
Senate House
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11 Senator McKay moved the following amendment:
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13 Senate Amendment (with title amendment)
14 Delete everything after the enacting clause
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16 and insert:
17 Section 1. Paragraph (n) of subsection (1) and
18 paragraph (c) of subsection (2) of section 220.03, Florida
19 Statutes, 1998 Supplement, are amended and a new subsection
20 (hh) is added to subsection (1) of that section to read:
21 220.03 Definitions.--
22 (1) SPECIFIC TERMS.--When used in this code, and when
23 not otherwise distinctly expressed or manifestly incompatible
24 with the intent thereof, the following terms shall have the
25 following meanings:
26 (n) "Internal Revenue Code" means the United States
27 Internal Revenue Code of 1986, as amended and in effect on
28 January 1, 1999 1998, except as provided in subsection (3).
29 (hh) "Citrus processing company" means a corporation
30 which, during the 60-month period ending on December 31, 1997,
31 had derived more than 50 percent of its total gross receipts
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SENATE AMENDMENT
Bill No. SB 676
Amendment No.
1 from the processing of citrus products and the manufacture of
2 juices.
3 (2) DEFINITIONAL RULES.--When used in this code and
4 neither otherwise distinctly expressed nor manifestly
5 incompatible with the intent thereof:
6 (c) Any term used in this code shall have the same
7 meaning as when used in a comparable context in the Internal
8 Revenue Code and other statutes of the United States relating
9 to federal income taxes, as such code and statutes are in
10 effect on January 1, 1999 1998. However, if subsection (3) is
11 implemented, the meaning of any term shall be taken at the
12 time the term is applied under this code.
13 Section 2. Subsection (3) is added to section 220.151,
14 Florida Statutes, to read:
15 220.151 Apportionment; methods for special
16 industries.--
17 (3) For any taxable year beginning on or after January
18 1, 1999, a citrus processing company may, if required to
19 apportion its taxable net income pursuant to the three-factor
20 apportionment method set forth in s. 220.15(1), elect to have
21 such apportionment determined for that taxable year solely by
22 use of the sales factor, as set forth in s. 220.15(5). The
23 election shall be made by the filing of a return for the
24 taxable year utilizing this method.
25 Section 3. This act shall take effect upon becoming a
26 law, and shall operate retroactively to January 1, 1999.
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29 ================ T I T L E A M E N D M E N T ===============
30 And the title is amended as follows:
31 Delete everything before the enacting clause
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SENATE AMENDMENT
Bill No. SB 676
Amendment No.
1 and insert:
2 A bill to be entitled
3 An act relating to taxation; amending s.
4 220.03, F.S.; revising definitions relating to
5 the income tax code to incorporate the most
6 recent changes to the United States Internal
7 Revenue Code; defining "citrus processing
8 company"; amending s. 220.151, F.S.; allowing
9 certain citrus processing companies to elect to
10 determine the apportionment of their adjusted
11 federal income to this state solely by use of
12 the sales factor; providing for retroactive
13 application; providing an effective date.
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