No. CS/SB 7048
Filed under Taxes & Budget.
Internal Revenue Code; Revising the definition of the term “Internal Revenue Code”; providing for retroactive application; requiring the Department of Revenue to adopt rules; authorizing the Department of Revenue to adopt emergency rules, etc.
Plain English Summary
AI-GENERATEDFlorida's tax code will now reference the federal tax laws as they exist on January 1, 2026, rather than the 2025 version.
This change applies retroactively to the start of the 2026 tax year, affecting how taxpayers calculate their state tax liability.
The Department of Revenue is required to adopt new rules to implement these updated federal tax definitions.
The department is also authorized to adopt emergency rules to ensure the new tax year provisions are in place immediately.
AIThe amendments to the definition of the Internal Revenue Code and the definition of adjusted federal income apply retroactively to January 1, 2026.
AIThe Department of Revenue is required to adopt rules to implement the changes made to the Internal Revenue Code definitions and adjusted federal income provisions.
AIThe Department of Revenue is authorized to adopt emergency rules to implement the act, which are effective for six months and may be renewed while permanent rules are pending.
AIThe definition of the Internal Revenue Code is updated to reference the code as in effect on January 1, 2026, with specific exceptions for certain sections that remain as of January 1, 2025, and exclusions for other sections.
AISections 168(k), 174(a), 163(j), 274, and 179 of the Internal Revenue Code are included as amended and in effect on January 1, 2025, while Sections 168(n) and 174A are not included in the definition.
AITerms used in the Florida code have the same meaning as in the Internal Revenue Code as in effect on January 1, 2026, except as provided in the specific definition of the Internal Revenue Code.
AIThe definition of a taxpayer's taxable income for adjusted federal income purposes is subject to the exceptions provided in the updated Internal Revenue Code definition and definitional rules.