Tax News

CCH (cch.taxgroup.com) reports:

  The Florida House of Representatives has passed proposed legislation that, as previously reported (TAXDAY, 2009/4/29, S.6), would decouple, for corporate income tax purposes, from the extension through 2009 by the American Recovery and Reinvestment Act of 2009 (Recovery Act) (P.L. 111-5) of the 50% bonus depreciation and IRC §179 limitations enacted by the Economic Stimulus Act of 2008 (P.L. 110-185). The proposed legislation would also decouple from a Recovery Act provision that allows taxpayers to defer income from the discharge of indebtedness in connection with the reacquisition after December 31, 2008, and before January 1, 2011, of a corporate or business debt instrument. If enacted, the legislation would be operative retroactively to January 1, 2009.

  In addition, the proposed legislation would update Florida's conformity date to January 1, 2009 (formerly, January 1, 2008).

  Subscribers can view S.B. 2504.

  S.B. 2504, as passed by the Florida House of Representatives on April 29, 2009