On November 6, 2024, the Florida Department of Revenue notified the public through a TIP, or Taxpayer Information Publication, of the Florida Corporate Income Tax Adoption of the 2024 Internal Revenue Code.
Annually, Florida’s legislature evaluates whether the current IRC is consistent with the Florida Income Tax Code and therefore should be adopted.
The starting point for calculating state income tax in Florida is the Florida net income. While Florida follows the computation of federal tax income, it requires certain modifications.
Florida modifications for corporate income tax purposes include special add-back rules for (1) bonus depreciation, (2) qualified improvement property placed in service on or after January 1, 2018, (3) business meal expenses, and (4) film, television, and live theatrical production expenses.
The good news it that Florida has three new credits available: (1) Child Care Tax Credits Program; (2) Individuals with Unique Abilities Tax Credit Program; (3) Residential Graywater System Tax Credit.
For more details, see TIP 24C01-02.
Jeanette Moffa, Esq.
Phone: (954) 800-4138
Email: [email protected]
Jeanette Moffa is a Partner in the Fort Lauderdale office of Moffa, Sutton, & Donnini. She focuses her practice in Florida state and local tax. Jeanette provides SALT planning and consulting as part of her practice, addressing issues such as nexus and taxability, including exemptions, inclusions, and exclusions of transactions from the tax base. In addition, Jeanette practices Florida tax controversy, working with state and local agencies in resolution of assessment and refund cases. She also litigates state and local tax and administrative law issues.
