Title: Corporate Income Tax

Summary: Adopts 2012 version of Internal Revenue Code for purposes of coporate income tax; provides for retroactive operation.

Full Text:
An act relating to the corporate income tax; amending s. 220.03, F.S.; adopting the 2012 version of the Internal Revenue Code for purposes of ch. 220, F.S.; providing for retroactive operation; providing an effective date. Be It Enacted by the Legislature of the State of Florida: Section 1. Paragraph (n) of subsection (1) and paragraph (c) of subsection (2) of section 220.03, Florida Statutes,are amended to read: 220.03 Definitions.-(1) SPECIFIC TERMS.-When used in this code, and when not otherwise distinctly expressed or manifestly incompatible with the intent thereof, the following terms shall have the following meanings: (n) "Internal Revenue Code" means the United States Internal Revenue Code of 1986, as amended and in effect on January 1, 2012 2011, except as provided in subsection (3). (2) DEFINITIONAL RULES.-When used in this code and neither otherwise dis tinctly expressed nor manifestly incompatible with the intent thereof: (c) Any term used in this code shall have the same meaning as when used in a comparable context in the Internal Revenue Code and other statutes of the United States relating to federal income taxes, as such code and statutes are in effect on January 1, 2012 2011. However, if subsection (3) is implemented, the HB 7089 2012 meaning of any term shall be taken at the time the term is applied under this code. Section 2. This act shall take effect upon becoming a law and shall operate retroactively to January 1, 2012.