The Florida legislative session opened this week. Senate committees moved quickly to pass a bill that could potentially save more than 2,100 Florida businesses from paying corporate income taxes. Senate Bill 0134 would increase the corporate income tax exemption from the current $50,000 exemption to a $75,000 exemption. The bill was passed unanimously out of its first committee stop and has three more committee stops to go in the Senate.
Over 11,000 companies in Florida have a net income over the current $50,000 exemption. The proposed bill would completely exempt from the 5.5 percent tax 2,100 of those taxpayers and reduce taxes for another 9,000.
Increasing the corporate income tax exemption is a priority for Florida Governor Rick Scott, who faces re-election this year. The Florida legislature is likely to support his goal to help him in his re-election, which is predicted to be a very tough race.