FL S7014

Updates Florida's corporate income tax to adopt the 2015 version of the Internal Revenue Code, changing the reference date from January 1, 2014 to January 1, 2015.

Incorporates the Tax Increase Prevention Act of 2014 into state law for purposes of defining "adjusted federal income" and determining treatment of depreciation and asset expensing.

Extends bonus depreciation and Section 179 expensing adjustments to include amendments made by the Tax Increase Prevention Act of 2014, with property placed in service before January 1, 2015 eligible for seven-year amortization of adjustments.

Authorizes the Department of Revenue to adopt emergency rules to implement the act, effective for 6 months and renewable until January 1, 2018.

Takes effect retroactively to January 1, 2015.