House Bill hb0061E

    Florida House of Representatives - 2002                HB 61-E

        By Representative Frankel






  1                      A bill to be entitled

  2         An act relating to the corporate income tax;

  3         specifying nonapplication of certain provisions

  4         of the Internal Revenue Code under the Florida

  5         Income Tax Code for certain purposes; requiring

  6         the Department of Revenue to adopt certain

  7         rules; providing an appropriation; specifying

  8         distribution and uses of certain moneys;

  9         providing for retroactive effect; providing an

10         effective date.

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

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14         Section 1.  (1)  Notwithstanding the provisions of

15  Senate Bill 2028, adopted during the 2002 Regular Session of

16  the Legislature, and any provision of s. 220.03, Florida

17  Statutes, providing for giving effect under the Florida Income

18  Tax Code to amendments to the Internal Revenue Code, any

19  provision of the Internal Revenue Code of 1986, as amended,

20  which took effect after January 1, 2002, pursuant to the Job

21  Creation and Worker Assistance Act of 2002, shall not be

22  included within the meaning of the term "Internal Revenue

23  Code," as defined in s. 220.03, Florida Statutes, for purposes

24  of the tax imposed by chapter 220, Florida Statutes, on the

25  income of a corporation and shall not be given effect under

26  the Florida Income Tax Code unless expressly adopted by the

27  Legislature by general law.

28         (2)  The Department of Revenue shall adopt rules to

29  implement the provisions of this section.

30         Section 2.  The sum of $262,000,000, available as a

31  result of nonapplication of the provisions of the Job Creation

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






    Florida House of Representatives - 2002                HB 61-E

    115-227A-02E






 1  and Worker Assistance Act of 2002 under the Florida Income Tax

 2  Code pursuant to section 1, is appropriated from the General

 3  Revenue Fund to the Department of Education for fiscal year

 4  2002-2003. The Department of Education shall distribute such

 5  moneys to the school districts based upon the school

 6  districts' pro rata share of total statewide unweighted

 7  full-time equivalent students. The school districts shall use

 8  such moneys to reduce class sizes.

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

10  law and shall operate retroactively to January 1, 2002.

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13                          HOUSE SUMMARY

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      Specifies nonapplication under the Florida Income Tax
15    Code of provisions of the Internal Revenue Code which
      took effect after January 1, 2002, under the Job Creation
16    and Worker Assistance Act of 2002 unless expressly
      adopted by the Legislature by general law. See bill for
17    details.

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