FL H7009

Updates Florida's Internal Revenue Code reference from January 1, 2014 to January 1, 2015, incorporating the 2015 version of the federal Internal Revenue Code of 1986.

Requires taxpayers to add back 100 percent of bonus depreciation deductions exceeding federal limits and excess Section 179 expensing deductions above $128,000, then subtract one-seventh of these amounts over 6 subsequent years for Florida tax purposes.

Adds the Tax Increase Prevention Act of 2014 to the list of federal acts requiring specific adjustment calculations for deferred income and tax benefits.

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

Applies retroactively to January 1, 2015, and permits adjustments to change a taxpayer's net operating loss for Florida tax purposes.