FL S0502

Adopts the 2018 version of the Internal Revenue Code (instead of 2017) as the basis for Florida corporate income tax definitions and calculations.

Adds the Tax Cuts and Jobs Act of 2017 to the list of federal acts requiring specific tax adjustments for Florida corporate income tax purposes.

Extends the bonus depreciation adjustment period from property placed in service before January 1, 2021 to before January 1, 2027.

Requires the Department of Revenue to establish a workgroup to examine how the Tax Cuts and Jobs Act of 2017 affects state corporate income tax, with a comprehensive report due to the Governor and Legislature by February 1, 2019.

Operates retroactively to January 1, 2018.