FL S1764

Amends Florida corporate income tax law to require taxpayers to add back deductions for intangible expenses, interest expenses, and management fees paid to related entities, subject to specific exceptions.

Defines "related entity" as an artificial entity that would be part of the taxpayer's affiliated group using a 50 percent ownership threshold instead of the federal 80 percent threshold.

Provides four exceptions to the add-back requirement: (1) consolidated Florida tax returns; (2) written agreement with the Department of Revenue; (3) recipient subject to income tax at 5.5 percent or higher with specific conditions; and (4) related entity incurred and paid the amount to an unrelated person.

Requires related entities receiving add-back adjustments to make corresponding subtractions to their taxable income if subject to Florida tax, and prohibits adding back the same amount more than once.

Requires taxpayers to report related entity transactions including recipient name, domicile, payment amount, and description; failure to add back amounts or provide complete information constitutes negligence subject to penalty; applies to tax years ending on or after December 31, 2011.