FL H7099

Updates Florida's reference to the Internal Revenue Code from January 1, 2012 to January 1, 2013

Requires taxpayers to add back 100 percent of bonus depreciation deductions claimed federally for property placed in service between January 1, 2008 and January 1, 2014, with one-seventh deductions over 6 subsequent years

Requires taxpayers to add back amounts exceeding $128,000 in Section 179 expensing deductions claimed federally for taxable years beginning after December 31, 2007 and before January 1, 2014, with one-seventh deductions over 6 subsequent years

Adds the American Taxpayer Relief Act of 2012 to the list of federal tax acts requiring state adjustments for bonus depreciation and Section 179 expensing benefits

Authorizes the Department of Revenue executive director to adopt emergency rules for implementation, effective retroactively to January 1, 2013