FL – IRC conformity tie-in date updated, credit caps increased

Florida enacted legislation that updates the IRC conformity tie-in date for computing corporate income tax liability from January 1, 2022 to January 1, 2023. The change applies retroactively to January 1, 2023.

The legislation also increases the statewide credit cap for:

the voluntary cleanup tax credit from $10 to $35 million each fiscal year; and

the strong families credit from $10 to $20 million each fiscal year.

Ch. 157 (H.B. 7063), Laws 2023, effective July 1, 2023 and as noted