Florida Governor Indicators Corporate Earnings Tax Legislation Adopting Inside Income Code

June 30, 2021, 5:00 AM

The Florida Governor June 29 signed a law adopting the Internal Revenue Code (IRC) for corporate income tax purposes. The law includes measures: 1) updating the definition of IRC to mean the IRC in effect on Jan. 1; 2) specifying that terms used in the Florida corporate income tax code have the same meaning as terms used in the IRC or federal law in effect as of Jan. 1; 3) revising the adjustments taxpayers must make to adjusted federal income for certain tax benefits and the calculation of taxable income based on the federal tax law; 4) providing emergency rulemaking …

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