Senate Bill sb1798

    Florida Senate - 2005                                  SB 1798

    By Senator Atwater





    25-702-05

  1                      A bill to be entitled

  2         An act relating to the corporate income tax;

  3         amending s. 220.03, F.S.; providing for the

  4         adoption of the 2005 version of the Internal

  5         Revenue Code; providing for retroactive

  6         operation; providing an effective date.

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

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10         Section 1.  Paragraph (n) of subsection (1) and

11  subsection (2) of section 220.03, Florida Statutes, are

12  amended to read:

13         220.03  Definitions.--

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

15  not otherwise distinctly expressed or manifestly incompatible

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

17  following meanings:

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

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

20  January 1, 2005 2004, except as provided in subsection (3).

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

22  neither otherwise distinctly expressed nor manifestly

23  incompatible with the intent thereof:

24         (a)  The word "corporation" or "taxpayer" shall be

25  deemed to include the words "and its successors and assigns"

26  as if these words, or words of similar import, were expressed;

27         (b)  Any term used in any section of this code with

28  respect to the application of, or in connection with, the

29  provisions of any other section of this code shall have the

30  same meaning as in such other section; and

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    Florida Senate - 2005                                  SB 1798
    25-702-05




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

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

 3  Revenue Code and other statutes of the United States relating

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

 5  effect on January 1, 2005 2004. However, if subsection (3) is

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

 7  time the term is applied under this code.

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

 9  law and shall operate retroactively to January 1, 2005.

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12                          SENATE SUMMARY

13    Adopts the 2005 Internal Revenue Code as the version to
      be used in matters relating to the state corporate Income
14    Tax Code. Provides for retroactivity.

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