87ºF

Senator seeks to ease corporate income taxes

photo

Mirroring a proposal by Gov. Rick Scott, a Senate Republican on Wednesday filed a bill that would exempt more businesses from the state's corporate-income tax.

The bill (SB 486), filed by Sen. Dorothy Hukill, R-Port Orange, would increase an exemption level, effectively allowing more businesses to avoid paying the tax.

The exemption threshold would increase from $50,000 of net income to $75,000 under the bill, which will be considered during the legislative session that starts March 7.

Scott on Wednesday released a broader tax-cut package that also included raising the corporate-income tax exemption level to $75,000.

Scott's office said the change would lead to tax savings of $15 million a year.