Florida: Guidance Issued on GILTI Subtraction and Bonus Depreciation
Florida: Guidance Issued on GILTI Subtraction and Bonus Depreciation
PODCAST

Florida: Guidance Issued on GILTI Subtraction and Bonus Depreciation

The Florida Department of Revenue recently issued guidance on certain tax reform related items.

Podcast Transcript

The Florida Department of Revenue recently issued guidance on certain tax reform related items.  Recall, under recently-enacted House Bill 7127, Florida adopted a subtraction for global intangible low-taxed income (GILTI) effective retroactively to tax years beginning on or after January 1, 2018. This subtraction is net of direct and indirect expenses related to GILTI and net of the federal subtraction allowed under IRC 250 for GILTI.  The guidance instructs taxpayers to take the GILTI subtraction on Schedule II, Line 11 (other subtractions) and attach a schedule showing the full amount of GILTI, direct and indirect expenses related to GILTI, and the amount of the federal subtraction under IRC section 250 for GILTI. With regard to bonus depreciation, the guidance reminds taxpayers that Florida continues to require an addback of bonus depreciation. The amounts required to be added back can then be subtracted over a seven year period. For more information on TIP No. 19C01-02, please contact Jeremy Dukes at 954-847-3971 or Henry Parcinski at 954-847-3943.

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