TIP # 13C01-03
DATE ISSUED: August 23, 2013
Each year, the Florida Legislature must consider the adoption of the current Internal Revenue Code (Chapter 26, United States Code) so certain tax definitions and the calculation of adjusted federal income are consistent between the Internal Revenue Code and the Florida Income Tax Code (Chapter 220, Florida Statutes [F.S.]). The Florida corporate income tax "piggybacks" federal income tax determinations and uses adjusted federal income as the starting point for computing Florida net income.
Section 1, Chapter 2013-46, Laws of Florida, amends the Florida Income Tax Code to adopt the Internal Revenue Code retroactively to January 1, 2013. This means Florida will follow the computation of federal taxable income.
Section 220.13(1)(e), F.S., requires adjustments for bonus depreciation (assets placed in service before January 1, 2014) and excess Section 179 expense above $128,000 (tax years beginning before January 1, 2014).
For more details, see Rule 12CER13-06, Florida Administrative Code.
This document is intended to alert you to the requirements contained in Florida laws and administrative rules. It does not by its own effect create rights or require compliance.
For forms and other information, visit our website at www.myflorida.com/dor or call Taxpayer Services, 8:00 a.m. to 7:00 p.m., ET, Monday through Friday, excluding holidays, at 800-352-3671.
For a detailed written response to your questions, write the Florida Department of Revenue, Taxpayer Services, MS 3-2000, 5050 West Tennessee Street, Tallahassee, FL 32399-0112.