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.)