FL H7127

Updates Florida's Internal Revenue Code reference from January 1, 2018 to January 1, 2019 for corporate income tax purposes.

Extends automatic corporate income tax refunds and tax rate adjustments through fiscal years 2018-2019 to 2020-2021, with refunds calculated based on excess tax collections and distributed by May 1 following each fiscal year.

Repeals tax rate adjustments for taxable years beginning on or after January 1, 2022, setting the corporate income tax rate at 5.5 percent.

Creates new reporting requirement for corporations filing returns in 2018-2019 calendar years to submit detailed information including taxable income, apportionment fraction, global intangible low-taxed income, business interest expense, and net operating loss data through a secure Department of Revenue online application by September 3, 2019.

Establishes $1,000 or 1 percent penalty (whichever is greater) for failure to provide required tax information, with the new reporting requirement repealing January 1, 2023.