FL S1998

Updates Florida's corporate income tax definitions to adopt the 2011 version of the Internal Revenue Code, effective January 1, 2011, instead of the 2010 version.

Extends bonus depreciation and Section 179 expensing adjustments through December 31, 2012 (previously January 1, 2010) for property placed in service after December 31, 2007, allowing taxpayers to add these federal deductions and subtract one-seventh of the added amount over 7 subsequent taxable years.

Adds provisions addressing tax benefits from the Small Business Jobs Act of 2010 and the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 to Florida's adjusted federal income calculations.

Authorizes the Department of Revenue executive director to adopt emergency rules to implement the act, with rules remaining effective for 6 months and renewable during permanent rule procedures.

Appropriates $99,740 in nonrecurring funds to the Department of Revenue for fiscal year 2010-2011, with unexpended funds reverting and reappropriated to fiscal year 2011-2012; the act takes effect retroactively to January 1, 2011.