FL – Guidance on adoption of 2023 internal revenue code published

Florida issued corporate income tax guidance on the adoption of the 2023 Internal Revenue Code (IRC). As a result, Florida will follow the computation of federal taxable income. The publication states, among other things:

The annual credit cap for the community contribution tax credit is increased to $25 million, and the annual credit cap for the contaminated site rehabilitation tax credit is increased to $35 million beginning with the 2023-24 state fiscal year.

The internship tax credit program is renamed the experiential learning tax credit program, and the program’s availability is expanded.

The new live local program tax credit is available for tax years beginning on or after January 1, 2023.

Credit for manufacturing of human breast milk-derived human milk fortifiers is available for taxable years that begin within the 2023 and 2024 calendar years.

The residential graywater systems tax credit is available for tax years beginning on or after January 1, 2024.

Tax Information Publication, No. 23C01-04, Florida Department of Revenue, July 28, 2023, released September 2023