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April 1, 2002

Please be advised that the recently enacted Federal Economic Stimulus bill, which was signed into law by President George W. Bush on March 9, 2002 , is the subject of a high level debate between The Florida Senate and Governor Jeb Bush.

The Florida Senate is taking the position that since the Federal Economic Stimulus bill was passed after the Florida Senate passed Senate Bill 2028, the Florida Corporate Tax piggy‑back bill, the only changes to the Federal Code effective in Florida were those changes adopted prior to January 1, 2002.  Of course, the Senate position would negate the full impact of the Federal Economic Stimulus bill, which contained changes related to accelerated depreciation retroactively applied to property placed into service after September 11, 2001 .  Also, their position would once again cause Florida to de-couple from the Federal Code, as was done back in 1982.

Due to this uncertainty, it is strongly urged that Florida Corporate Taxpayers be on the safe side by seeking an extension for filing Florida Corporate Tax returns that are normally due today, April 1, 2002 .  The extension can be requested by filing Form F7004.  This form can be obtained by calling “Fax On Demand” at (850) 922-3676.

Hopefully, this issue can be satisfactorily resolved when Governor Bush calls the Legislature back in a Special Session to deal with the adoption of the 2002-2003 State Budget.  Please be aware that Governor Bush and Florida House Speaker Tom Feeney both support the adoption of the benefits of the Federal Economic Stimulus bill for Florida corporate citizens.  You can help by contacting your state senator to let him/her know that you want the Federal Economic Stimulus bill implemented in Florida as contemplated and intended by President George W. Bush and the U.S. Congress.