Bill > S0134

This bill increases the amount of net income that is exempt from Florida's corporate income tax from $50,000 to $75,000, meaning businesses will pay tax on $75,000 less of their profits. Additionally, it raises the exemption amount for the franchise tax imposed on banks and savings associations from $50,000 to $75,000, which is a tax levied on the privilege of doing business in the state. These changes are intended to reduce the tax burden on businesses and are effective for tax years beginning on or after January 1, 2015.