FL S7128

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

Adds the American Taxpayer Relief Act of 2012 to the list of federal acts requiring adjustment calculations for bonus depreciation and Section 179 deductions in determining adjusted federal income.

Extends the bonus depreciation and Section 179 deduction adjustment periods to apply to property placed in service before January 1, 2014 (previously January 1, 2013).

Authorizes the Department of Revenue executive director to adopt emergency rules for implementation, effective for 6 months and renewable during permanent rulemaking procedures.

Makes the act effective immediately upon becoming law with retroactive application to January 1, 2013.