Senate Bill 0676

    Florida Senate - 1999                                   SB 676

    By Senator Horne





    314-646-99

  1                      A bill to be entitled

  2         An act relating to taxation; amending s.

  3         220.03, F.S.; revising definitions relating to

  4         the income tax code to incorporate the most

  5         recent changes to the United States Internal

  6         Revenue Code; providing for retroactive

  7         application; providing an effective 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  paragraph (c) of subsection (2) of section 220.03, Florida

13  Statutes, 1998 Supplement, are 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, 1999 1998, 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         (c)  Any term used in this code shall have the same

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

27  Revenue Code and other statutes of the United States relating

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

29  effect on January 1, 1999 1998. However, if subsection (3) is

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

31  time the term is applied under this code.

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






    Florida Senate - 1999                                   SB 676
    314-646-99




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

  2  law and shall operate retroactively to January 1, 1999.

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  5                          SENATE SUMMARY

  6    Incorporates the most recent changes to the United States
      Internal Revenue Code in the state income tax code.
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