FL H7059

Updates Florida's corporate income tax code to adopt the 2021 version of the Internal Revenue Code, effective retroactively to January 1, 2021, replacing the previous 2020 version.

Revises adjusted federal income calculations for taxpayers by modifying treatment of bonus depreciation deductions, Section 179 expensing, deferred income, business interest expenses, and qualified improvement property depreciation.

Adds the Coronavirus Aid, Relief, and Economic Security Act of 2020 to the list of federal acts requiring specific tax adjustments for Florida purposes.

Prohibits application of certain Internal Revenue Code changes made by the Consolidated Appropriations Act of 2021 (Pub. L. No. 116-260) for taxable years beginning after December 31, 2020 and before January 1, 2026.

Authorizes the Department of Revenue to adopt emergency rules for implementing the amendments, effective for 6 months with renewal authority, expiring January 1, 2025.