No. HB 7031
Filed under Taxes & Budget.
Internal Revenue Code ; Revises the definition of the term "Internal Revenue Code"; conforms provisions to changes made by the act; provides for retroactive application; requires the Department of Revenue to adopt rules; authorizes the department to adopt emergency rules.
Plain English Summary
AI-GENERATEDFlorida's state tax code will now reference the federal tax laws as they existed on January 1, 2026, rather than January 1, 2025. This change ensures state tax calculations align with the most recent federal tax rules.
The bill specifically excludes certain federal tax sections from the 2026 update, keeping them at their 2025 versions. This prevents specific federal tax changes from automatically altering how Florida calculates state taxes for those areas.
The Department of Revenue is required to adopt new rules to implement these changes. The department is also authorized to adopt emergency rules to ensure the new tax year is applied correctly.
These changes apply retroactively to January 1, 2026. This means the new federal tax year will be used for state tax calculations for that date, even if the bill is passed later in the year.
AIUpdates the definition of the Internal Revenue Code to reflect federal tax laws as they exist on January 1, 2026, rather than January 1, 2025.
AIExcludes specific federal tax sections (168(n) and 174A) from the definition of the Internal Revenue Code for Florida purposes.
AIMakes the amendments to the tax code definitions and adjusted federal income rules retroactive to January 1, 2026.
AIRequires the Department of Revenue to adopt rules to implement the act and authorizes the adoption of emergency rules.