SB 1676 – relating to Internal Revenue Code
On Wednesday, April 30th, SB 1676, relating to Internal Revenue Code, by Senate Committee on Appropriations unanimously passed the House chamber. The bill now heads to the Governor for consideration.
The bill updates Florida’s corporate Income Tax Code by adopting the Internal Revenue Code as in effect on January 1, 2014. By doing this, Florida adopts any changes that were made in the previous year to the determination of federal taxable income.
AIF supports the bill as it prevents Florida’s companies from having to keep two sets of books.