Senate F&T gives nod to tax reduction

A Senate tax panel on Monday gave the nod to a bill that increases the level of income from $50,000 to $75,000 that is exempt from Florida’s 5.5 percent tax on the net income of corporations,  one of the tax reductions that is contained in Gov. Rick Scott’s $673 million tax reduction package.

The bill –SB 138 — is filed by Sen. Dorothy Hukill and enjoys supports from the three business lobbying groups: Associated Industries Florida, the Florida Chamber, and NFIB Florida. The measure has just one more committee of reference in the Senate –Appropriations — before it can be voted on by the full Senate.

There is an identical bill in the House HB 49. That bill was referred to the House Finance & Tax Committee on December 19 but has not been discussed.

The bill is expected to reduce general revenue collects by $7.6 million in fiscal year 2015-16 and $18.7 million in thereafter.

The committee did hear from Scott staffer Christian Weiss, who outlined the governor’s tax proposal.