On June 2, Florida Governor Rick Scott signed into law House Bill 7099, regarding the corporate income tax. The bill amends Section 220.222, Florida Statutes, which governs the time for filing tax returns. Section 220.222(a) and (b) authorize extensions to file tax returns to taxpayers provided they meet certain of the statute’s requirements. The bill provides that, for taxable years beginning before January 1, 2026, the extension granted to taxpayers with a taxable year ending June 30 shall be seven months rather than six months. The bill also deletes language limiting the duration of the extension for taxpayers with taxable years ending December 31 to five months. As a result, the maximum extension for such taxpayers is lengthened to six months, as provided in paragraphs (a) and (b). The bill makes the changes to Section 220.222 retroactive to taxable years beginning on or after January 1, 2016.

The bill also amends Section 220.33, Florida Statutes, regarding payments of estimated tax, to provide that any estimated tax payment required by Section 220.33 that is due on the last Saturday or Sunday of June shall instead be paid on or before the last Friday of June, regardless of any administrative rule or determination of the Florida Department of Revenue purporting to allow such payment on the next succeeding business day.

Finally, the bill amended the definition of the term “Internal Revenue Code” provided by Section 220.03, Florida Statutes, to refer to the Internal Revenue Code (IRC) as amended and in effect January 1, 2017, rather than January 1, 2016. The bill also changes the statute’s “definitional rules” so they similarly refer to the IRC in effect January 1, 2017. The bill makes these definitional changes retroactive to January 1, 2017.