The Senate on Monday approved H.B. 7059 by a 37-1 vote. Under the bill, the state 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 . The final form of the bill does provide that the state would conform to some provisions from which a companion bill to H.B. 7059 would have decoupled.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 increased limit on business interest expense deductions and its deduction for qualified improvement property.
Florida would also decouple from the CARES Act's extensions of special expensing rules for film, television or live theater productions under the bill.
H.B. 7059 was approved by the state House of Representatives by a 107-5 vote on Friday. The bill, which was introduced by the House Ways and Means Committee, next goes to Republican Gov. Ron DeSantis.
The companion bill that was not advanced, S.B. 7082, also would have decoupled from the CARES Act's suspension of the 80% limit on net operating loss deductions and increased limit on deductions of charitable contributions.
--Editing by Vincent Sherry.
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