Fla. House passes consumer, business tax breaks
Copyright 2010 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Posted: 02/15/2012
TALLAHASSEE, Fla. (AP) - Tax breaks for consumers and businesses alike have passed in the Florida House.
The House on Wednesday approved another installment of the back-to-school sales tax "holiday" and business tax reductions and economic development incentives. Both now go to the Senate.
The three-day sales tax holiday (HB 737) Aug. 3-5 would cost the state and local governments an estimated $31.8 million.
The business tax cuts and incentives are expected to cost $121.1 million annually.
That bill (HB 7087) includes Gov. Rick Scott's request to increase the corporate income tax exemption from $25,000 to $50,000. It would reduce the number of corporations that pay the tax from 15,000 to 11,000.
Other provisions include increased tax credits for business investments in low-income communities and in industrial machinery and equipment.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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