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.