The Senate Appropriations Committee on Monday approved S.B. 7082 by a 11-9 vote. The committee approved substitute language that would generally provide for conformity to the federal tax code, but decouple from several provisions in the Coronavirus Aid, Relief and Economic Security Act and the Consolidated Appropriations Act.
Under the bill, Florida would not conform to the Consolidated Appropriations Act's increase in the business meal deduction from 50% of expenses to 100%. The bill would also provide that Florida would decouple from the CARES Act's suspension of the 80% limit on net operating loss deductions, its increased limit on business interest expense deductions and its deductions for qualified improvement property.
Florida would also decouple from the CARES Act's increased limit on deductions of charitable contributions and extensions of special expensing rules for film, television or live theater productions under the bill.
The bill is scheduled for discussion on the Senate floor on Thursday, according to the state legislative website.
--Editing by Vincent Sherry.
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