House Bill hb0009E

    Florida House of Representatives - 2002                 HB 9-E

        By Representative Wallace






  1                      A bill to be entitled

  2         An act relating to the corporate income tax;

  3         providing for giving effect to certain

  4         provisions of the Job Creation and Worker

  5         Assistance Act of 2002 for state corporate

  6         income tax purposes; amending s. 220.03, F.S.;

  7         adopting the 2002 version of the Internal

  8         Revenue Code; providing for retroactive

  9         operation; providing an effective date.

10

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

12

13         Section 1.  For purposes of chapter 220, Florida

14  Statutes, it is the intent of the Legislature by this section

15  to adopt the provisions of the Job Creation and Worker

16  Assistance Act of 2002, Pub. L. No. 107-147, which amended the

17  United States Internal Revenue Code of 1986, as amended, and

18  make such provisions effective for purposes of chapter 220,

19  Florida Statutes, to the extent such provisions are taken into

20  account in the computation of net income subject to the tax

21  imposed under chapter 220, Florida Statutes.

22         Section 2.  Paragraph (n) of subsection (1) and

23  paragraph (c) of subsection (2) of section 220.03, Florida

24  Statutes, are amended to read:

25         220.03  Definitions.--

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

27  not otherwise distinctly expressed or manifestly incompatible

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

29  following meanings:

30

31

                                  1

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






    Florida House of Representatives - 2002                 HB 9-E

    567-190-02E






  1         (n)  "Internal Revenue Code" means the United States

  2  Internal Revenue Code of 1986, as amended and in effect on

  3  January 1, 2002 2001, except as provided in subsection (3).

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

  5  neither otherwise distinctly expressed nor manifestly

  6  incompatible with the intent thereof:

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

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

  9  Revenue Code and other statutes of the United States relating

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

11  effect on January 1, 2002 2001. However, if subsection (3) is

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

13  time the term is applied under this code.

14         Section 3.  If any law amended by this act was also

15  amended by a law enacted during the 2002 Regular Session of

16  the Legislature, such laws shall be construed to have been

17  enacted during the same session of the Legislature and full

18  effect shall be given to each if possible.

19         Section 4.  This act shall take effect upon becoming a

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

21

22            *****************************************

23                          HOUSE SUMMARY

24
      Gives effect to provisions of the Job Creation and Worker
25    Assistance Act of 2002 which amend the Internal Revenue
      Code for state corporate income tax purposes and updates
26    the references to the Internal Revenue Code.

27

28

29

30

31

                                  2

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