Florida 2022 Regular Session Status: In Committee 1 R cosponsors

SB 1090 — Corporate Income Tax

Last action — Died in Appropriations, companion bill(s) passed, see CS/HB 7071 (Ch. 2022-97)

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed Senate
  4. 4
    Passed House
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 2022 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Corporate Income Tax; Adopting the 2022 version of the Internal Revenue Code for purposes of the state corporate income tax code; providing for retroactive operation; providing applicability for adjustments taxpayers must make to adjusted federal income with respect to bonus depreciation; revising the adjustments taxpayers must make to adjusted federal income with respect to business interest, etc.

Bill Text

What changed in the latest version

187 added · 392 removed

Plain-language change summary

The revised version of Bill SB 1090 removes some changes related to the corporate tax adjustments and the definition of "eligible taxpayer," which were originally included in the bill. Instead, it focuses on clarifying how adjustments to federal income should be handled for bonus depreciation and business interest, starting retroactively from January 1, 2022. This change simplifies the bill and helps taxpayers understand their obligations regarding federal income adjustments better, making tax compliance easier.

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Florida Senate - 2022 SB 1090 By Senator Gruters 23-01061A-22 20221090__ A bill to be entitled An act relating to the corporate income tax;
Florida Senate - 2022 CS for SB 1090 By the Committee on Finance and Tax;
and Senator Gruters 593-02694-22 20221090c1 A bill to be entitled An act relating to the corporate income tax;
220.1105, F.S.;
revising the timeframe during which the adjustment of the corporate tax rate based on net collections exceeding adjusted forecasted collections applies;
revising the definition of the term “eligible taxpayer” for certain purposes;
providing for retroactive operation;
amending s.
providing for retroactive operation;
220.03 Definitions.— (1) SPECIFIC TERMS.—When used in this code, and when not otherwise distinctly expressed or manifestly incompatible with the intent thereof, the following terms shall have the following Page 1 of 13 CODING:
220.03 Definitions.— (1) SPECIFIC TERMS.—When used in this code, and when not otherwise distinctly expressed or manifestly incompatible with the intent thereof, the following terms shall have the following meanings:
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2022 SB 1090 23-01061A-22 20221090__ meanings:
(c) Any term used in this code has the same meaning as when used in a comparable context in the Internal Revenue Code and other statutes of the United States relating to federal income taxes, as such code and statutes are in effect on January 1, 2022 2021.
Page 1 of 6 CODING:
However, if subsection (3) is implemented, the meaning of a term shall be taken at the time the term is applied under this code.
Section 2.
Effective upon becoming a law and operating retroactively to June 30, 2021, subsection (4) of section 220.1105, Florida Statutes, is amended to read:
220.1105 Tax imposed;
automatic refunds and downward adjustments to tax rates.— (4) For fiscal years 2018-2019 and 2019-2020 through 2020- 2021, any amount by which net collections for a fiscal year exceed adjusted forecasted collections for that fiscal year shall only be used to provide refunds to corporate income tax payers as follows:
(a) For purposes of this subsection, the term:
1.
“Eligible taxpayer” means:
a.
For fiscal year 2018-2019, a taxpayer whose taxable year begins between April 1, 2017, and March 31, 2018, and whose final tax liability for such taxable year is greater than zero;
Page 2 of 13 CODING:
Florida Senate - 2022 SB 1090 23-01061A-22 20221090__ or b.
Florida Senate - 2022 CS for SB 1090 593-02694-22 20221090c1 (c) Any term used in this code has the same meaning as when used in a comparable context in the Internal Revenue Code and other statutes of the United States relating to federal income taxes, as such code and statutes are in effect on January 1, 2022 2021.
For fiscal year 2019-2020, a taxpayer whose taxable year begins between April 1, 2018, and March 31, 2019, and whose final tax liability for such taxable year is greater than zero;
However, if subsection (3) is implemented, the meaning of a term shall be taken at the time the term is applied under this code.
or c.
Section 2.
For fiscal year 2020-2021, a taxpayer whose taxable year begins between April 1, 2019, and March 31, 2020, and whose final tax liability for such taxable year is greater than zero.
Effective January 1, 2023, paragraph (e) of subsection (1) of section 220.13, Florida Statutes, is amended to read:
2.
“Excess collections” for a fiscal year means the amount by which net collections for a fiscal year exceeds adjusted forecasted collections for that fiscal year.
3.
“Final tax liability” means the taxpayer’s amount of tax due under this chapter for a taxable year, reported on a return filed with the department, plus the amount of any credit taken on such return under s.
220.1875.
4.
“Total eligible tax liability” for a fiscal year means the sum of final tax liabilities of all eligible taxpayers for a fiscal year as such liabilities are shown on the latest return filed with the department as of February 1 immediately following that fiscal year.
5.
“Taxpayer refund share” for a fiscal year means an eligible taxpayer’s final tax liability as a percentage of the total eligible tax liability for that fiscal year.
6.
“Taxpayer refund” for a fiscal year means the taxpayer refund share for a fiscal year multiplied by the excess collections for a fiscal year.
(b) No later than April 15 following a fiscal year, the department shall determine total eligible tax liability for that fiscal year, the taxpayer refund share for that fiscal year for Page 3 of 13 CODING:
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Words stricken are deletions;
words underlined are additions.
Florida Senate - 2022 SB 1090 23-01061A-22 20221090__ each eligible taxpayer, and the taxpayer refund for that fiscal year for each eligible taxpayer.
(c) No later than May 1 following a fiscal year, the department shall refund a taxpayer refund for that fiscal year to each eligible taxpayer.
Section 3.
Effective upon becoming a law and operating retroactively to January 1, 2020, paragraph (e) of subsection (1) of section 220.13, Florida Statutes, is amended to read:
There shall be added to such taxable income an amount equal to 100 percent of any amount deducted for federal income tax purposes as bonus depreciation for the taxable year pursuant to ss.
There shall be added to such taxable income an amount equal to 100 percent of any amount deducted for federal income Page 2 of 6 CODING:
167 and 168(k) of the Internal Revenue Code of 1986, as Page 4 of 13 CODING:
Florida Senate - 2022 SB 1090 23-01061A-22 20221090__ amended by s.
Florida Senate - 2022 CS for SB 1090 593-02694-22 20221090c1 tax purposes as bonus depreciation for the taxable year pursuant to ss.
167 and 168(k) of the Internal Revenue Code of 1986, as amended by s.
This subparagraph does not apply to property placed in service in taxable years beginning on or after January 1, 2020.
This subparagraph does not apply to property placed in service in taxable years beginning on or after January 1, 2023.
111-5;
Page 3 of 6 CODING:
s.
2021 of Pub.
L.
No.
111-240;
s.
402 of Pub.
L.
No.
111-312;
s.
315 of Pub.
L.
No.
112-240;
and s.
127 of Pub.
L.
Page 5 of 13 CODING:
Florida Senate - 2022 SB 1090 23-01061A-22 20221090__ No.
Florida Senate - 2022 CS for SB 1090 593-02694-22 20221090c1 111-5;
113-295, for taxable years beginning after December 31, 2007, and before January 1, 2015.
For the taxable year and for each of the 6 subsequent taxable years, there shall be subtracted from such taxable income one-seventh of the amount by which taxable income was increased pursuant to this subparagraph, notwithstanding any sale or other disposition of the property that is the subject of the adjustments and regardless of whether such property remains in service in the hands of the taxpayer.
3.
There shall be added to such taxable income an amount equal to the amount of deferred income not included in such taxable income pursuant to s.
108(i)(1) of the Internal Revenue Code of 1986, as amended by s.
1231 of Pub.
L.
No.
111-5.
There shall be subtracted from such taxable income an amount equal to the amount of deferred income included in such taxable income pursuant to s.
108(i)(1) of the Internal Revenue Code of 1986, as amended by s.
1231 of Pub.
L.
No.
111-5.
4.
For taxable years beginning after December 31, 2018, and before January 1, 2021, there shall be added to such taxable income an amount equal to the excess, if any, of:
a.
One hundred percent of any amount deducted for federal income tax purposes as business interest expense for the taxable year pursuant to s.
163(j) of the Internal Revenue Code of 1986, as amended by s.
2306 of Pub.
L.
No.
116-136;
over b.
One hundred percent of the amount that would be deductible for federal income tax purposes as business interest expense for the taxable year if calculated pursuant to s.
163(j) of the Internal Revenue Code of 1986, as amended by s.
13301 of Pub.
L.
No.
115-97.
Page 6 of 13 CODING:
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2022 SB 1090 23-01061A-22 20221090__ Any expense added back pursuant to this subparagraph shall be treated as a disallowed business expense carryforward from prior years for the year or years following the addition, until such time as the expense has been used.
5.
With respect to qualified improvement property as defined in s.
168(e)(6) of the Internal Revenue Code of 1986, as amended by s.
13204 of Pub.
L.
No.
115-97, that was placed in service on or after January 1, 2018:
a.
There shall be added to such taxable income an amount equal to 100 percent of any amount deducted for federal income tax purposes under s.
167(a) of the Internal Revenue Code of 1986.
There shall be subtracted an amount equal to the amount of depreciation that would have been deductible pursuant to s.
167(a) of the Internal Revenue Code of 1986 in effect on January 1, 2020 and without regard to s.
2307 of Pub.
L.
No.
116-136, notwithstanding any sale or other disposition of the property that is the subject of the adjustments and regardless of whether such property remains in service in the hands of the taxpayer.
b.
The department may adopt rules necessary to administer the provisions of this subparagraph, including rules, forms, and guidelines for computing depreciation on qualified improvement property, as defined in s.
168(e)(6) of the Internal Revenue Code of 1986.
6.
For taxable years beginning after December 31, 2020, and before January 1, 2026, the changes made to the Internal Revenue Code by Pub.
L.
No.
116-260, Division EE, Title I, s.
116 and Title II, s.
210 shall not apply to this chapter.
Taxable income under this section shall be calculated as though changes made by Page 7 of 13 CODING:
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2022 SB 1090 23-01061A-22 20221090__ those sections were not made to the Internal Revenue Code.
The Department of Revenue may adopt rules necessary to administer the provisions of this subparagraph, including rules, forms, and guidelines for treatment of expenses and depreciation related to these changes.
7.
Subtractions available under this paragraph may be transferred to the surviving or acquiring entity following a merger or acquisition and used in the same manner and with the same limitations as specified by this paragraph.
8.
The additions and subtractions specified in this paragraph are intended to adjust taxable income for Florida tax purposes, and, notwithstanding any other provision of this code, such additions and subtractions shall be permitted to change a taxpayer’s net operating loss for Florida tax purposes.
Section 4.
The amendment made to s.
220.13(1)(e), Florida Statutes, in section 3 of this act applies to taxable years beginning on or after January 1, 2020.
Section 5.
Effective January 1, 2023, paragraph (e) of subsection (1) of section 220.13, Florida Statutes, as amended by this act, is amended to read:
220.13 “Adjusted federal income” defined.— (1) The term “adjusted federal income” means an amount equal to the taxpayer’s taxable income as defined in subsection (2), or such taxable income of more than one taxpayer as provided in s.
220.131, for the taxable year, adjusted as follows:
(e) Adjustments related to federal acts.—Taxpayers shall be required to make the adjustments prescribed in this paragraph for Florida tax purposes with respect to certain tax benefits Page 8 of 13 CODING:
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2022 SB 1090 23-01061A-22 20221090__ received pursuant to the Economic Stimulus Act of 2008;
the American Recovery and Reinvestment Act of 2009;
the Small Business Jobs Act of 2010;
the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010;
the American Taxpayer Relief Act of 2012;
the Tax Increase Prevention Act of 2014;
the Consolidated Appropriations Act, 2016;
the Tax Cuts and Jobs Act of 2017;
and the Coronavirus Aid, Relief, and Economic Security Act of 2020.
1.a.
There shall be added to such taxable income an amount equal to 100 percent of any amount deducted for federal income tax purposes as bonus depreciation for the taxable year pursuant to ss.
167 and 168(k) of the Internal Revenue Code of 1986, as amended by s.
103 of Pub.
L.
No.
110-185;
1201 of Pub.
L.
No.
111-5;
s.
2022 of Pub.
L.
No.
111-240;
s.
401 of Pub.
L.
No.
111-312;
s.
331 of Pub.
L.
No.
112-240;
s.
125 of Pub.
L.
No.
113-295;
s.
143 of Division Q of Pub.
L.
No.
114-113;
and s.
13201 of Pub.
L.
No.
115-97, for property placed in service after December 31, 2007, and before January 1, 2027.
b.
For the taxable year and for each of the 6 subsequent taxable years, there shall be subtracted from such taxable income an amount equal to one-seventh of the amount by which taxable income was increased pursuant to this subparagraph, notwithstanding any sale or other disposition of the property that is the subject of the adjustments and regardless of whether such property remains in service in the hands of the taxpayer.
c.
Sub-subparagraph b.
does not apply to amounts by which taxable income was increased pursuant to this subparagraph for amounts deducted for federal income tax purposes as bonus depreciation for qualified improvement property as defined in s.
Page 9 of 13 CODING:
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2022 SB 1090 23-01061A-22 20221090__ 168(e)(6) of the Internal Revenue Code of 1986, as amended by s.
13204 of Pub.
L.
No.
115-97.
This subparagraph does not apply to property placed in service in taxable years beginning on or after January 1, 2020.
2.
There shall be added to such taxable income an amount equal to 100 percent of any amount in excess of $128,000 deducted for federal income tax purposes for the taxable year pursuant to s.
179 of the Internal Revenue Code of 1986, as amended by s.
102 of Pub.
L.
No.
110-185;
s.
1202 of Pub.
L.
No.
111-5;
s.
Page 10 of 13 CODING:
4.
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2022 SB 1090 23-01061A-22 20221090__ 4.
115-97 For taxable years beginning after December 31, 2018, and before January 1, 2021, there shall be added to such taxable income an amount equal to the excess, if any, of:
115-97 For Page 4 of 6 CODING:
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2022 CS for SB 1090 593-02694-22 20221090c1 taxable years beginning after December 31, 2018, and before January 1, 2021, there shall be added to such taxable income an amount equal to the excess, if any, of:
168(e)(6) of the Internal Revenue Code of 1986, as Page 11 of 13 CODING:
168(e)(6) of the Internal Revenue Code of 1986, as amended by s.
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2022 SB 1090 23-01061A-22 20221090__ amended by s.
167(a) of the Internal Revenue Code of 1986 in effect on January 1, 2020 and without regard to s.
167(a) of the Internal Revenue Code of 1986 in effect on January 1, 2020, and without regard to s.
116-136, notwithstanding any sale or other disposition of the property that is the subject of the adjustments and regardless of whether such property remains in service in the hands of the taxpayer.
116-136, notwithstanding any sale or other disposition of the property Page 5 of 6 CODING:
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2022 CS for SB 1090 593-02694-22 20221090c1 that is the subject of the adjustments and regardless of whether such property remains in service in the hands of the taxpayer.
Subtractions available under this paragraph may be transferred to the surviving or acquiring entity following a Page 12 of 13 CODING:
Subtractions available under this paragraph may be transferred to the surviving or acquiring entity following a merger or acquisition and used in the same manner and with the same limitations as specified by this paragraph.
Words stricken are deletions;
words underlined are additions.
Florida Senate - 2022 SB 1090 23-01061A-22 20221090__ merger or acquisition and used in the same manner and with the same limitations as specified by this paragraph.
Section 6.
Section 3.
Page 13 of 13 CODING:
Page 6 of 6 CODING:
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Action History

  1. Died in Appropriations, companion bill(s) passed, see CS/HB 7071 (Ch. 2022-97)

  2. Indefinitely postponed and withdrawn from consideration

  3. Now in Appropriations

  4. CS by Finance and Tax read 1st time

  5. Pending reference review under Rule 4.7(2) - (Committee Substitute)

  6. CS by Finance and Tax; YEAS 5 NAYS 3

  7. On Committee agenda-- Finance and Tax, 02/03/22, 9:00 am, 110 Senate Building

  8. Introduced

  9. Referred to Finance and Tax; Appropriations

  10. Filed

Sponsors

Sponsorship breakdown

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2 sponsors · 0 co-sponsors · 162 not signed on · 2 voted No

Sponsors (2)

Co-sponsors (0)

None.

Not signed on (162)

162 members have not signed on to this bill.

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"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

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Frequently asked questions

What does SB 1090 do?
Corporate Income Tax; Adopting the 2022 version of the Internal Revenue Code for purposes of the state corporate income tax code; providing for retroactive operation; providing applicability for adjustments taxpayers must make to adjusted federal income with respect to bonus depreciation; revising the adjustments taxpayers must make to adjusted federal income with respect to business interest, etc.
Who sponsors SB 1090?
SB 1090 is sponsored by Finance and Tax and Gruters, Joe (Republican).
What is the current status of SB 1090?
This bill died with 2022 Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track SB 1090?
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