Florida SB 7048: Space Florida

Bill Text

7048 
Internal Revenue Code 
2026-03-03T09:46:39Z 
Revising the definition of the term “Internal Revenue Code”; providing for retroactive application; requiring the Department of Revenue to adopt rules; authorizing the Department of Revenue to adopt emergency rules, etc. 
Committee Substitute 1 
2026 
S 
GB 
General Bill 
c1 

 Florida Senate - 2026 CS for SB 7048 

 By the Committees on Appropriations; and Finance and Tax 

 576-03345-26 20267048c1 
 1 A bill to be entitled 
 2 An act relating to the Internal Revenue Code; amending 
 3 s. 220.03, F.S.; revising the definition of the term 
 4 “Internal Revenue Code”; amending s. 220.13, F.S.; 
 5 conforming provisions to changes made by the act; 
 6 providing for retroactive application; requiring the 
 7 Department of Revenue to adopt rules; authorizing the 
 8 Department of Revenue to adopt emergency rules; 
 9 providing an effective date. 
 10 
 11 Be It Enacted by the Legislature of the State of Florida: 
 12 
 13 Section 1. Paragraph (n) of subsection (1) and paragraph 
 14 (c) of subsection (2) of section 220.03, Florida Statutes, are 
 15 amended to read: 
 16 220.03 Definitions.— 
 17 (1) SPECIFIC TERMS.—When used in this code, and when not 
 18 otherwise distinctly expressed or manifestly incompatible with 
 19 the intent thereof, the following terms shall have the following 
 20 meanings: 
 21 (n) “Internal Revenue Code” means the United States 
 22 Internal Revenue Code of 1986, as amended and in effect on 
 23 January 1, 2026 2025, except: 
 24 1. As provided in subsection (3); 
 25 2. Sections 168(k), 174(a), 163(j), 274, and 179 of the 
 26 United States Internal Revenue Code of 1986 are included as 
 27 amended and in effect on January 1, 2025; and 
 28 3. Sections 168(n) and 174A are not included. 
 29 (2) DEFINITIONAL RULES.—When used in this code and neither 
 30 otherwise distinctly expressed nor manifestly incompatible with 
 31 the intent thereof: 
 32 (c) Any term used in this code has the same meaning as when 
 33 used in a comparable context in the Internal Revenue Code and 
 34 other statutes of the United States relating to federal income 
 35 taxes, as such code and statutes are in effect on January 1, 
 36 2026, except as provided in paragraph (1)(n) 2025. However, if 
 37 subsection (3) is implemented, the meaning of a term shall be 
 38 taken at the time the term is applied under this code. 
 39 Section 2. Subsection (2) of section 220.13, Florida 
 40 Statutes, is amended to read: 
 41 220.13 “Adjusted federal income” defined.— 
 42 (2) For purposes of this section, a taxpayer’s taxable 
 43 income for the taxable year means taxable income as defined in 
 44 s. 63 of the Internal Revenue Code and properly reportable for 
 45 federal income tax purposes for the taxable year, except as 
 46 provided in s. 220.03(1)(n) and (2)(c), but subject to the 
 47 limitations set forth in paragraph (1)(b) with respect to the 
 48 deductions provided by ss. 172 (relating to net operating 
 49 losses), 170(d)(2) (relating to excess charitable 
 50 contributions), 404(a)(1)(D) (relating to excess pension trust 
 51 contributions), 404(a)(3)(A) and (B) (to the extent relating to 
 52 excess stock bonus and profit-sharing trust contributions), and 
 53 1212 (relating to capital losses) of the Internal Revenue Code, 
 54 except that, subject to the same limitations, the term: 
 55 (a) “Taxable income,” in the case of a life insurance 
 56 company subject to the tax imposed by s. 801 of the Internal 
 57 Revenue Code, means life insurance company taxable income; 
 58 however, for purposes of this code, the total of any amounts 
 59 subject to tax under s. 815(a)(2) of the Internal Revenue Code 
 60 pursuant to s. 801(c) of the Internal Revenue Code shall not 
 61 exceed, cumulatively, the total of any amounts determined under 
 62 s. 815(c)(2) of the Internal Revenue Code of 1954, as amended, 
 63 from January 1, 1972, to December 31, 1983; 
 64 (b) “Taxable income,” in the case of an insurance company 
 65 subject to the tax imposed by s. 831(b) of the Internal Revenue 
 66 Code, means taxable investment income; 
 67 (c) “Taxable income,” in the case of an insurance company 
 68 subject to the tax imposed by s. 831(a) of the Internal Revenue 
 69 Code, means insurance company taxable income; 
 70 (d) “Taxable income,” in the case of a regulated investment 
 71 company subject to the tax imposed by s. 852 of the Internal 
 72 Revenue Code, means investment company taxable income; 
 73 (e) “Taxable income,” in the case of a real estate 
 74 investment trust subject to the tax imposed by s. 857 of the 
 75 Internal Revenue Code, means the income subject to tax, computed 
 76 as provided in s. 857 of the Internal Revenue Code; 
 77 (f) “Taxable income,” in the case of a corporation which is 
 78 a member of an affiliated group of corporations filing a 
 79 consolidated income tax return for the taxable year for federal 
 80 income tax purposes, mean