Florida Proposed Rules

Purpose:   The purpose of the draft amendments to Rule 12C-1.051, F.A.C., (Forms) is to update the annual forms; to adopt, by reference, revisions to forms F-1120, Florida Corporate Income/Franchise Tax Return, F-1120A, Florida Corporate Short Form Income Tax Return, F-1120N, Instructions for Corporate Income/Franchise Tax Return for taxable years beginning on or after January 1, 2026, and F-2220, Underpayment of Estimated Tax on Florida Corporate Income/Franchise Tax, as amended or created by Chapter 2026-137, L.O.F., regarding amendments to ss. 220.03(1)(n) and (2)(c), F.S., updates the effective date of the Internal Revenue Code (I.R.C.) from January 1, 2025, to January 1, 2026, and removes the provisions rendered obsolete; creates s. 220.03(1)(n)2., F.S., to provide that amendments to sections 168(k), 174(a), 163(j), 274, and 179 of the I.R.C. of 1986, as amended by Pub. L, No. 119-21 (One Big Beautiful Bill Act (OBBBA)), are included in the definition of "Internal Revenue Code," as amended and in effect by January 1, 2025; creates 220.03(1)(n)3., F.S., to provide that the amendments to sections 168(n) and 174A of the I.R.C. of 1986, as amended in OBBBA, are not included in the definition; amends s. 220.13(2), F.S., to exclude proposed provisions of ss. 220.13(1)(n) and (2)(c), F.S., as created in section 23 of the bill for purposes of determining a taxpayer's taxable income; and provides that the amendments made to ss. 220.03 and 220.13, F.S., by the bill operate retroactively to January 1, 2026.