| 1 | A bill to be entitled |
| 2 | An act relating to the corporate income tax; amending s. |
| 3 | 220.03, F.S.; providing for the adoption of the 2005 |
| 4 | version of the Internal Revenue Code; providing for |
| 5 | retroactive operation; providing an effective date. |
| 6 |
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| 7 | Be It Enacted by the Legislature of the State of Florida: |
| 8 |
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| 9 | Section 1. Paragraph (n) of subsection (1) and subsection |
| 10 | (2) of section 220.03, Florida Statutes, are amended to read: |
| 11 | 220.03 Definitions.-- |
| 12 | (1) SPECIFIC TERMS.--When used in this code, and when not |
| 13 | otherwise distinctly expressed or manifestly incompatible with |
| 14 | the intent thereof, the following terms shall have the following |
| 15 | meanings: |
| 16 | (n) "Internal Revenue Code" means the United States |
| 17 | Internal Revenue Code of 1986, as amended and in effect on |
| 18 | January 1, 2005 2004, except as provided in subsection (3). |
| 19 | (2) DEFINITIONAL RULES.--When used in this code and |
| 20 | neither otherwise distinctly expressed nor manifestly |
| 21 | incompatible with the intent thereof: |
| 22 | (a) The word "corporation" or "taxpayer" shall be deemed |
| 23 | to include the words "and its successors and assigns" as if |
| 24 | these words, or words of similar import, were expressed; |
| 25 | (b) Any term used in any section of this code with respect |
| 26 | to the application of, or in connection with, the provisions of |
| 27 | any other section of this code shall have the same meaning as in |
| 28 | such other section; and |
| 29 | (c) Any term used in this code shall have the same meaning |
| 30 | as when used in a comparable context in the Internal Revenue |
| 31 | Code and other statutes of the United States relating to federal |
| 32 | income taxes, as such code and statutes are in effect on January |
| 33 | 1, 2005 2004. However, if subsection (3) is implemented, the |
| 34 | meaning of any term shall be taken at the time the term is |
| 35 | applied under this code. |
| 36 | Section 2. This act shall take effect upon becoming a law |
| 37 | and shall operate retroactively to January 1, 2005. |