Income/Franchise:
Florida: New Law Updates State Conformity to Internal Revenue Code and Contains Some Decoupling
H.B. 7059, signed by gov. 6/29/21. Effective immediately and applicable retroactively to tax years beginning on or after January 1, 2021, new law generally updates corporate income tax statutory references in Florida to conform to the Internal Revenue Code (IRC) provisions as in effect on January 1, 2021 (previously, January 1, 2020). The legislation also decouples from some federal tax provisions, including, among others, certain provisions under the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act (i.e., P.L. 116-136) involving IRC sections 163(j) (i.e., business interest expense limitations) and 168(e) (i.e., cost recovery for qualified improvement property (QIP)).
See forthcoming Multistate Tax Alert for more details on this legislation, and please contact us with any questions in the meantime.
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