Florida Senate - 2023 SB 7058 By the Committee on Finance and Tax 593-03940-23 20237058__ 1 A bill to be entitled 2 An act relating to the Internal Revenue Code; amending 3 s. 220.03, F.S.; revising the date of adoption of the 4 Internal Revenue Code and other federal income tax 5 statutes for purposes of the state corporate income 6 tax; providing retroactive operation; providing an 7 effective date. 8 9 Be It Enacted by the Legislature of the State of Florida: 10 11 Section 1.Paragraph (n) of subsection (1) and paragraph 12 (c) of subsection (2) of section 220.03, Florida Statutes, are 13 amended to read: 14 220.03Definitions. 15 (1)SPECIFIC TERMS.When used in this code, and when not 16 otherwise distinctly expressed or manifestly incompatible with 17 the intent thereof, the following terms shall have the following 18 meanings: 19 (n)Internal Revenue Code means the United States 20 Internal Revenue Code of 1986, as amended and in effect on 21 January 1, 2023 2022, except as provided in subsection (3). 22 (2)DEFINITIONAL RULES.When used in this code and neither 23 otherwise distinctly expressed nor manifestly incompatible with 24 the intent thereof: 25 (c)Any term used in this code has the same meaning as when 26 used in a comparable context in the Internal Revenue Code and 27 other statutes of the United States relating to federal income 28 taxes, as such code and statutes are in effect on January 1, 29 2023 2022. However, if subsection (3) is implemented, the 30 meaning of a term shall be taken at the time the term is applied 31 under this code. 32 Section 2.The amendment made by this act to s. 220.03, 33 Florida Statutes, operates retroactively to January 1, 2023. 34 Section 3.This act shall take effect upon becoming a law.