Title: Internal Revenue Code

Summary: Revising the date of adoption of the Internal Revenue Code and other federal income tax statutes for purposes of the state corporate income tax; providing retroactive operation, etc.

Full Text:
An act relating to the Internal Revenue Code; amending s. 220.03, F.S.; revising the date of adoption of the Internal Revenue Code and other federal income tax statutes for purposes of the state corporate income tax; providing 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, 2023 2022,except as provided in subsection (3). (2) DEFINITIONAL RULES. When used in this code and neither otherwise distinctly expressed nor manifestly incompatible with the intent thereof: (c) Any term used in this code has 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, 2023 2022.However, if subsection (3) is implemented, the meaning of a term shall be taken at the time the term is applied under this code. Section 2.  The amendment made by this act to s. 220.03, Florida Statutes, operates retroactively to January 1, 2023. Section 3. This act shall take effect upon becoming a law.