HB 7097

1
A bill to be entitled
2An act relating to the corporate income tax; amending s.
3220.03, F.S.; providing for the adoption of the 2007
4version of the Internal Revenue Code; providing for
5retroactive operation; providing an effective date.
6
7Be It Enacted by the Legislature of the State of Florida:
8
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
13otherwise distinctly expressed or manifestly incompatible with
14the intent thereof, the following terms shall have the following
15meanings:
16     (n)  "Internal Revenue Code" means the United States
17Internal Revenue Code of 1986, as amended and in effect on
18January 1, 2007 2006, except as provided in subsection (3).
19     (2)  DEFINITIONAL RULES.--When used in this code and
20neither otherwise distinctly expressed nor manifestly
21incompatible with the intent thereof:
22     (a)  The word "corporation" or "taxpayer" shall be deemed
23to include the words "and its successors and assigns" as if
24these words, or words of similar import, were expressed.;
25     (b)  Any term used in any section of this code with respect
26to the application of, or in connection with, the provisions of
27any other section of this code shall have the same meaning as in
28such other section.; and
29     (c)  Any term used in this code shall have the same meaning
30as when used in a comparable context in the Internal Revenue
31Code and other statutes of the United States relating to federal
32income taxes, as such code and statutes are in effect on January
331, 2007 2006. However, if subsection (3) is implemented, the
34meaning of any term shall be taken at the time the term is
35applied under this code.
36     Section 2.  This act shall take effect upon becoming a law
37and shall operate retroactively to January 1, 2007.


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