Review of the Tax Cuts and Jobs Act of 2017 on Florida Corporate Income Tax

Chapter 2018-119, Laws of Florida, requires the Department of Revenue to conduct a review of how the federal Tax Cuts and Jobs Act of 2017 will affect Florida corporate income tax. The Department is requesting public input regarding the Act and its potential effects on both the state corporate income tax and the businesses that pay the tax.

If you have information, analyses, or input relating to the effect of the Tax Cuts and Jobs Act of 2017, please submit your comments as provided below. Comments received by the Department will be publicly available and posted to this site.

How to Provide Comments

The Department requests that comments be submitted by December 14, 2018.

Comments via email may be submitted to CITReview@floridarevenue.com.

Comments via mail may be submitted to the following address:

Corporate Income Tax Review
c/o Director of Legislative and Cabinet Services
Department of Revenue
P.O. Box 5906
Tallahassee, Florida 32314-5906

Public Meetings

The Department’s second public meeting was held on October 24, 2018. Information from this meeting is below.

           * Notice of Public Meeting (Florida Administrative Register, Volume 44, No. 196, P. 4604)

           * Agenda

           * Transcript

           * Meeting Summary

The Department's first public meeting was held on August 22, 2018. Information from this meeting is below.

           * Notice of Public Meeting (Florida Administrative Register, Volume 44, No. 152, P. 3649)

           * Agenda

           * Transcript

           * Meeting Summary

Reports

Status Report #1 – August 3, 2018

Status Report #2 – November 16, 2018

Final Report – February 1, 2019 – A previous version of the final report contained an error in the first paragraph on page 87 that has been corrected. The sentence previously read, “The tables below provide an analysis of the effect on Florida resulting from changes to the interest limitation using the JCT methodology if Florida chooses to decouple from that provision.” The sentence now reads, “The tables below provide an analysis of the effect on Florida resulting from changes to the interest limitation using the JCT methodology."

Resources

Chapter 2018-119, Laws of Florida: Florida Law requiring this review. Section 3 of this law provides direction for this project.

Public Law No. 115-97: Federal Tax Cuts and Jobs Act of 2017

Chapter 220, Florida Statutes: Florida Corporate Income Tax Chapter of the Florida Statutes

IRS Guidance on Tax Reform