Florida S7048 amends state tax law to adjust taxable income for certain federal tax deductions and credits, effective for taxable years beginning on.

Florida S7048 modifies state tax law to align with federal tax changes, specifically addressing deductions and credits under the Internal Revenue Code. For taxable years starting after December 31, 2025, the bill requires taxpayers to add back to their taxable income certain deductions previously allowed under federal law, such as research and experimentation expenses, bonus depreciation for qualified property, and business interest expense. It also mandates subtracting specific amounts from taxable income over several years to phase out these deductions gradually.

Florida S7048 amends state tax law to adjust taxable income for certain federal tax deductions and credits, effective for taxable years beginning on.

Florida S7048 modifies state tax law to align with federal tax changes, specifically addressing deductions and credits under the Internal Revenue Code. For taxable years starting after December 31, 2025, the bill requires taxpayers to add back to their taxable income certain deductions previously allowed under federal law, such as research and experimentation expenses, bonus depreciation for qualified property, and business interest expense. It also mandates subtracting specific amounts from taxable income over several years to phase out these deductions gradually.