Tax News

CCH (cch.taxgroup.com) reports:

  Gov. Charlie Crist has signed legislation that, as previously reported (TAXDAY, 2009/05/01, S.4), decouples the Florida corporate income tax 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 legislation also decouples the Florida corporate income tax 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. The legislation is operative retroactively to January 1, 2009.

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

S.B. 2504, Laws 2009, effective June 16, 2009, operative as noted