Florida DOR Adopts 2025 IRC, Announces New Corporate Tax Credits

The Florida Department of Revenue (DOR) announced that the State of Florida has adopted the 2025 Internal Revenue Code for Florida corporate income tax purposes, retroactive to Jan. 1, 2025. The adoption is subject to federal taxable income modifications, including addbacks for bonus depreciation, qualified improvement property depreciation, business meal expenses, and film and television production expenses. DOR also clarified that charitable trusts will be excluded from the definition of corporation for tax years beginning Jan. 1, 2026, and introduced the Rural Community Investment Program credit, effective for tax years 2025-2029, and the Home Away From Home Tax Credit, effective ...