Bill Text: FL S1680 | 2010 | Regular Session | Comm Sub

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Bill Title: Corporate Income Tax [CPSC]

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2010-04-30 - Died in Committee on Transportation and Economic Development Appropriations [S1680 Detail]

Download: Florida-2010-S1680-Comm_Sub.html

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       Florida Senate - 2010                             CS for SB 1680 
        
       By the Committee on Commerce; and Senator Garcia 
       577-02463-10                                          20101680c1 
    1                        A bill to be entitled                       
    2         An act relating to corporate income tax; amending ss. 
    3         220.11 and 220.63, F.S.; lowering the corporate income 
    4         tax rate for certain levels of taxable income; 
    5         providing for retroactive application; providing an 
    6         effective date. 
    7   
    8  Be It Enacted by the Legislature of the State of Florida: 
    9   
   10         Section 1. Section 220.11, Florida Statutes, is amended to 
   11  read: 
   12         220.11 Tax imposed.— 
   13         (1) A tax measured by net income is hereby imposed on every 
   14  taxpayer for each taxable year commencing on or after January 1, 
   15  1972, and for each taxable year which begins before and ends 
   16  after January 1, 1972, for the privilege of conducting business, 
   17  earning or receiving income in this state, or being a resident 
   18  or citizen of this state. Such tax shall be in addition to all 
   19  other occupation, excise, privilege, and property taxes imposed 
   20  by this state or by any political subdivision thereof, including 
   21  any municipality or other district, jurisdiction, or authority 
   22  of this state. 
   23         (2) The tax imposed by this section shall be an amount 
   24  equal to 4.5 percent of the taxpayer’s net income of up to $1 
   25  million for the taxable year and 5.5 5 1/2 percent of the 
   26  taxpayer’s net income in excess of $1 million for the taxable 
   27  year. 
   28         (3) The tax imposed by this section, for taxpayers 
   29  determining taxable income under s. 220.13(2)(k), shall be an 
   30  amount equal to 2.7 percent of the taxpayer’s net income of up 
   31  to $1 million for the taxable year and 3.3 percent of the 
   32  taxpayer’s net income in excess of $1 million for the taxable 
   33  year. 
   34         (4) In the case of a taxpayer to which s. 55 of the 
   35  Internal Revenue Code is applied for the taxable year, the 
   36  amount of tax determined under this section shall be the greater 
   37  of the tax determined under subsection (2) without the 
   38  application of s. 55 of the Internal Revenue Code or the tax 
   39  determined under subsection (3). 
   40         Section 2. Subsection (2) of section 220.63, Florida 
   41  Statutes, is amended to read: 
   42         220.63 Franchise tax imposed on banks and savings 
   43  associations.— 
   44         (2) The tax imposed by this section shall be an amount 
   45  equal to 4.5 percent of the first $1 million for the taxable 
   46  year and 5.5 5 1/2 percent of the remaining franchise tax base 
   47  of the bank or savings association for the taxable year. 
   48         Section 3. This act shall take effect upon becoming a law, 
   49  and shall operate retroactively to January 1, 2010.