SB 1516                                          First Engrossed
       
       
       
       
       
       
       
       
       20131516e1
       
    1                        A bill to be entitled                      
    2         An act relating to the Internal Revenue Code; amending
    3         s. 220.03, F.S.; adopting the 2013 version of the code
    4         for the purposes of ch. 220, F.S.; amending s. 220.13,
    5         F.S.; incorporating a reference to a recent federal
    6         act into state law for the purpose of defining the
    7         term “adjusted federal income”; authorizing the
    8         executive director of the Department of Revenue to
    9         adopt emergency rules; providing for retroactive
   10         application; providing an effective date.
   11  
   12  Be It Enacted by the Legislature of the State of Florida:
   13  
   14         Section 1. Paragraph (n) of subsection (1) and subsection
   15  (2) of section 220.03, Florida Statutes, are amended to read:
   16         220.03 Definitions.—
   17         (1) SPECIFIC TERMS.—When used in this code, and when not
   18  otherwise distinctly expressed or manifestly incompatible with
   19  the intent thereof, the following terms shall have the following
   20  meanings:
   21         (n) “Internal Revenue Code” means the United States
   22  Internal Revenue Code of 1986, as amended and in effect on
   23  January 1, 2013 2012, except as provided in subsection (3).
   24         (2) DEFINITIONAL RULES.—When used in this code and neither
   25  otherwise distinctly expressed nor manifestly incompatible with
   26  the intent thereof:
   27         (a) The word “corporation” or “taxpayer” includes shall be
   28  deemed to include the words “and its successors and assigns” as
   29  if these words, or words of similar import, were expressed.;
   30         (b) Any term used in any section of this code with respect
   31  to the application of, or in connection with, the provisions of
   32  any other section of this code has shall have the same meaning
   33  as in such other section.; and
   34         (c) Any term used in this code has shall have the same
   35  meaning as when used in a comparable context in the Internal
   36  Revenue Code and other statutes of the United States relating to
   37  federal income taxes, as such code and statutes are in effect on
   38  January 1, 2013 2012. However, if subsection (3) is implemented,
   39  the meaning of a any term shall be taken at the time the term is
   40  applied under this code.
   41         Section 2. Paragraph (e) of subsection (1) of section
   42  220.13, Florida Statutes, is amended to read:
   43         220.13 “Adjusted federal income” defined.—
   44         (1) The term “adjusted federal income” means an amount
   45  equal to the taxpayer’s taxable income as defined in subsection
   46  (2), or such taxable income of more than one taxpayer as
   47  provided in s. 220.131, for the taxable year, adjusted as
   48  follows:
   49         (e) Adjustments related to federal acts the Federal
   50  Economic Stimulus Act of 2008, the American Recovery and
   51  Reinvestment Act of 2009, the Small Business Jobs Act of 2010,
   52  and the Tax Relief, Unemployment Insurance Reauthorization, and
   53  Job Creation Act of 2010.—Taxpayers shall be required to make
   54  the adjustments prescribed in this paragraph for Florida tax
   55  purposes with respect in relation to certain tax benefits
   56  received pursuant to the Economic Stimulus Act of 2008, the
   57  American Recovery and Reinvestment Act of 2009, the Small
   58  Business Jobs Act of 2010, and the Tax Relief, Unemployment
   59  Insurance Reauthorization, and Job Creation Act of 2010, and the
   60  American Taxpayer Relief Act of 2012.
   61         1. There shall be added to such taxable income an amount
   62  equal to 100 percent of any amount deducted for federal income
   63  tax purposes as bonus depreciation for the taxable year pursuant
   64  to ss. 167 and 168(k) of the Internal Revenue Code of 1986, as
   65  amended by s. 103 of Pub. L. No. 110-185, s. 1201 of Pub. L. No.
   66  111-5, s. 2022 of Pub. L. No. 111-240, and s. 401 of Pub. L. No.
   67  111-312, and s. 331 of Pub. L. No. 112-240, for property placed
   68  in service after December 31, 2007, and before January 1, 2014
   69  2013. For the taxable year and for each of the 6 subsequent
   70  taxable years, there shall be subtracted from such taxable
   71  income an amount equal to one-seventh of the amount by which
   72  taxable income was increased pursuant to this subparagraph,
   73  notwithstanding any sale or other disposition of the property
   74  that is the subject of the adjustments and regardless of whether
   75  such property remains in service in the hands of the taxpayer.
   76         2. There shall be added to such taxable income an amount
   77  equal to 100 percent of any amount in excess of $128,000
   78  deducted for federal income tax purposes for the taxable year
   79  pursuant to s. 179 of the Internal Revenue Code of 1986, as
   80  amended by s. 102 of Pub. L. No. 110-185, s. 1202 of Pub. L. No.
   81  111-5, s. 2021 of Pub. L. No. 111-240, and s. 402 of Pub. L. No.
   82  111-312, and s. 315 of Pub. L. No. 112-240, for taxable years
   83  beginning after December 31, 2007, and before January 1, 2014
   84  2013. For the taxable year and for each of the 6 subsequent
   85  taxable years, there shall be subtracted from such taxable
   86  income one-seventh of the amount by which taxable income was
   87  increased pursuant to this subparagraph, notwithstanding any
   88  sale or other disposition of the property that is the subject of
   89  the adjustments and regardless of whether such property remains
   90  in service in the hands of the taxpayer.
   91         3. There shall be added to such taxable income an amount
   92  equal to the amount of deferred income not included in such
   93  taxable income pursuant to s. 108(i)(1) of the Internal Revenue
   94  Code of 1986, as amended by s. 1231 of Pub. L. No. 111-5. There
   95  shall be subtracted from such taxable income an amount equal to
   96  the amount of deferred income included in such taxable income
   97  pursuant to s. 108(i)(1) of the Internal Revenue Code of 1986,
   98  as amended by s. 1231 of Pub. L. No. 111-5.
   99         4. Subtractions available under this paragraph may be
  100  transferred to the surviving or acquiring entity following a
  101  merger or acquisition and used in the same manner and with the
  102  same limitations as specified by this paragraph.
  103         5. The additions and subtractions specified in this
  104  paragraph are intended to adjust taxable income for Florida tax
  105  purposes, and, notwithstanding any other provision of this code,
  106  such additions and subtractions shall be permitted to change a
  107  taxpayer’s net operating loss for Florida tax purposes.
  108         Section 3. Emergency rules.—
  109         (1) The executive director of the Department of Revenue is
  110  authorized, and all conditions are deemed met, to adopt
  111  emergency rules under ss. 120.536(1) and 120.54(4), Florida
  112  Statutes, for the purpose of implementing this act.
  113         (2) Notwithstanding any other provision of law, the
  114  emergency rules shall remain in effect for 6 months after
  115  adoption and may be renewed during the pendency of procedures to
  116  adopt permanent rules addressing the subject of the emergency
  117  rules.
  118         Section 4. This act shall take effect upon becoming a law
  119  and operate retroactively to January 1, 2013.