FL S1516

Updates Florida's reference to the federal Internal Revenue Code from January 1, 2012 to January 1, 2013 for purposes of state tax law.

Adds the American Taxpayer Relief Act of 2012 to the list of federal acts requiring adjustments to "adjusted federal income" for Florida tax purposes, alongside previously referenced stimulus and jobs acts.

Extends the timeline for bonus depreciation adjustments and section 179 deduction adjustments from property placed in service before January 1, 2013 to before January 1, 2014.

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

Takes effect upon becoming law and applies retroactively to January 1, 2013.