Florida Gov. Rick Scott (R) Dec. 7 unveiled his $66.4 billion spendingplan for fiscal year 2012-13—a budget that would contain $35 million in tax-relief proposals for businesses.
Scott proposed increasing the corporate income tax exemption from $25,000 to $50,000. Such a move, he said, would eliminate the tax liability for more than 25 percent of businesses currently paying the tax.
The exemption hike would be the second in as many years. In June, Scott signed a bill (H.B. 7185) that, as of Jan. 1, 2012, will increase the corporate income tax exemption from $5,000 to $25,000.
The hike would effectively eliminate the 5.5 percent tax rate for nearly half of the 30,000 Florida businesses that currently pay the tax.
Read more at: Tax Times blog
