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Scott Signs Corporate Tax Cut

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(Source: AP)

(Source: AP)

Legislative Session Coverage

TALLAHASEE (CBS4)-  Gov. Rick Scott on Friday signed a bill that will provide a $30 million cut in corporate-income taxes, a relatively small step in Scott’s campaign to phase out the tax.

HB7185 will increase the state’s corporate-income tax exemption from $5,000 to $25,000.

That means companies with taxable income less than $25,000 will be exempt from corporate-income taxes — a change that Republicans said will help small businesses.

Lawmakers said they could not afford to go along with Scott’s more-ambitious proposals to cut corporate-income taxes because of the state’s budget problems.

Scott signed the bill Friday without any fanfare, with his office notifying reporters after 7 p.m.

(The News Service of Florida contributed to this report.)

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