Florida Senate - 2013             CONFERENCE COMMITTEE AMENDMENT
       Bill No. SB 1516
       
       
       
       
       
       
                                Barcode 866924                          
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
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                 Floor: AD/CR          .                                
             05/03/2013 12:22 PM       .                                
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       The Conference Committee on SB 1516 recommended the following:
       
    1         Senate Conference Committee Amendment (with title
    2  amendment)
    3  
    4         Delete everything after the enacting clause
    5  and insert:
    6         Section 1. Paragraph (n) of subsection (1) and subsection
    7  (2) of section 220.03, Florida Statutes, are amended to read:
    8         220.03 Definitions.—
    9         (1) SPECIFIC TERMS.—When used in this code, and when not
   10  otherwise distinctly expressed or manifestly incompatible with
   11  the intent thereof, the following terms shall have the following
   12  meanings:
   13         (n) “Internal Revenue Code” means the United States
   14  Internal Revenue Code of 1986, as amended and in effect on
   15  January 1, 2013 2012, except as provided in subsection (3).
   16         (2) DEFINITIONAL RULES.—When used in this code and neither
   17  otherwise distinctly expressed nor manifestly incompatible with
   18  the intent thereof:
   19         (a) The word “corporation” or “taxpayer” includes shall be
   20  deemed to include the words “and its successors and assigns” as
   21  if these words, or words of similar import, were expressed.;
   22         (b) Any term used in any section of this code with respect
   23  to the application of, or in connection with, the provisions of
   24  any other section of this code has shall have the same meaning
   25  as in such other section.; and
   26         (c) Any term used in this code has shall have the same
   27  meaning as when used in a comparable context in the Internal
   28  Revenue Code and other statutes of the United States relating to
   29  federal income taxes, as such code and statutes are in effect on
   30  January 1, 2013 2012. However, if subsection (3) is implemented,
   31  the meaning of a any term shall be taken at the time the term is
   32  applied under this code.
   33         Section 2. Paragraph (e) of subsection (1) of section
   34  220.13, Florida Statutes, is amended to read:
   35         220.13 “Adjusted federal income” defined.—
   36         (1) The term “adjusted federal income” means an amount
   37  equal to the taxpayer’s taxable income as defined in subsection
   38  (2), or such taxable income of more than one taxpayer as
   39  provided in s. 220.131, for the taxable year, adjusted as
   40  follows:
   41         (e) Adjustments related to federal acts the Federal
   42  Economic Stimulus Act of 2008, the American Recovery and
   43  Reinvestment Act of 2009, the Small Business Jobs Act of 2010,
   44  and the Tax Relief, Unemployment Insurance Reauthorization, and
   45  Job Creation Act of 2010.—Taxpayers shall be required to make
   46  the adjustments prescribed in this paragraph for Florida tax
   47  purposes with respect in relation to certain tax benefits
   48  received pursuant to the Economic Stimulus Act of 2008, the
   49  American Recovery and Reinvestment Act of 2009, the Small
   50  Business Jobs Act of 2010, and the Tax Relief, Unemployment
   51  Insurance Reauthorization, and Job Creation Act of 2010, and the
   52  American Taxpayer Relief Act of 2012.
   53         1. There shall be added to such taxable income an amount
   54  equal to 100 percent of any amount deducted for federal income
   55  tax purposes as bonus depreciation for the taxable year pursuant
   56  to ss. 167 and 168(k) of the Internal Revenue Code of 1986, as
   57  amended by s. 103 of Pub. L. No. 110-185, s. 1201 of Pub. L. No.
   58  111-5, s. 2022 of Pub. L. No. 111-240, and s. 401 of Pub. L. No.
   59  111-312, and s. 331 of Pub. L. No. 112-240, for property placed
   60  in service after December 31, 2007, and before January 1, 2014
   61  2013. For the taxable year and for each of the 6 subsequent
   62  taxable years, there shall be subtracted from such taxable
   63  income an amount equal to one-seventh of the amount by which
   64  taxable income was increased pursuant to this subparagraph,
   65  notwithstanding any sale or other disposition of the property
   66  that is the subject of the adjustments and regardless of whether
   67  such property remains in service in the hands of the taxpayer.
   68         2. There shall be added to such taxable income an amount
   69  equal to 100 percent of any amount in excess of $128,000
   70  deducted for federal income tax purposes for the taxable year
   71  pursuant to s. 179 of the Internal Revenue Code of 1986, as
   72  amended by s. 102 of Pub. L. No. 110-185, s. 1202 of Pub. L. No.
   73  111-5, s. 2021 of Pub. L. No. 111-240, and s. 402 of Pub. L. No.
   74  111-312, and s. 315 of Pub. L. No. 112-240, for taxable years
   75  beginning after December 31, 2007, and before January 1, 2014
   76  2013. For the taxable year and for each of the 6 subsequent
   77  taxable years, there shall be subtracted from such taxable
   78  income one-seventh of the amount by which taxable income was
   79  increased pursuant to this subparagraph, notwithstanding any
   80  sale or other disposition of the property that is the subject of
   81  the adjustments and regardless of whether such property remains
   82  in service in the hands of the taxpayer.
   83         3. There shall be added to such taxable income an amount
   84  equal to the amount of deferred income not included in such
   85  taxable income pursuant to s. 108(i)(1) of the Internal Revenue
   86  Code of 1986, as amended by s. 1231 of Pub. L. No. 111-5. There
   87  shall be subtracted from such taxable income an amount equal to
   88  the amount of deferred income included in such taxable income
   89  pursuant to s. 108(i)(1) of the Internal Revenue Code of 1986,
   90  as amended by s. 1231 of Pub. L. No. 111-5.
   91         4. Subtractions available under this paragraph may be
   92  transferred to the surviving or acquiring entity following a
   93  merger or acquisition and used in the same manner and with the
   94  same limitations as specified by this paragraph.
   95         5. The additions and subtractions specified in this
   96  paragraph are intended to adjust taxable income for Florida tax
   97  purposes, and, notwithstanding any other provision of this code,
   98  such additions and subtractions shall be permitted to change a
   99  taxpayer’s net operating loss for Florida tax purposes.
  100         Section 3. Emergency rules.—
  101         (1) The executive director of the Department of Revenue is
  102  authorized, and all conditions are deemed met, to adopt
  103  emergency rules under ss. 120.536(1) and 120.54(4), Florida
  104  Statutes, for the purpose of implementing this act.
  105         (2) Notwithstanding any other provision of law, the
  106  emergency rules shall remain in effect for 6 months after
  107  adoption and may be renewed during the pendency of procedures to
  108  adopt permanent rules addressing the subject of the emergency
  109  rules.
  110         Section 4. This act shall take effect upon becoming a law
  111  and operate retroactively to January 1, 2013.
  112  
  113  ================= T I T L E  A M E N D M E N T ================
  114         And the title is amended as follows:
  115         Delete everything before the enacting clause
  116  and insert:
  117                        A bill to be entitled                      
  118         An act relating to the Internal Revenue Code; amending
  119         s. 220.03, F.S.; adopting the 2013 version of the code
  120         for the purposes of ch. 220, F.S.; amending s. 220.13,
  121         F.S.; incorporating a reference to a recent federal
  122         act into state law for the purpose of defining the
  123         term “adjusted federal income”; authorizing the
  124         executive director of the Department of Revenue to
  125         adopt emergency rules; providing for retroactive
  126         application; providing an effective date.