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HB 7127 - Reduces Corporate Income Tax - Florida Key Vote

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Title: Reduces Corporate Income Tax

Vote Smart's Synopsis:

Vote to pass a bill that reduces corporate income tax.

Highlights:

 

  • Requires the Department of Revenue to calculate the imposed tax rate by October 1, 2020, and October 1, 2021 (Sec. 2).

  • Requires any amount by which net collections for a fiscal year exceed adjusted forecasted collections for that fiscal year, to be refunded to corporate income tax payers for fiscal years 2018-2019 through 2020-2021, as follows (Sec. 2):

    • For fiscal year 2018-2019, a taxpayer whose taxable year begins between April 1, 2017, and March 31, 2018, and whose final tax liability for such taxable year is greater than zero;

    • For fiscal year 2019-2020, a taxpayer whose taxable year begins between April 1, 2018, and March 31, 2019, and whose final tax liability for such taxable year is greater than zero; or

    • For fiscal year 2020-2021 a taxpayer whose taxable year begins between April 1, 2019, and March 31, 2020, and whose final tax liability for such taxable year is greater than zero.

  • Requires the department, no later than April 15 following a fiscal year, to determine taxable year begins between April 1, 2017, and March 31, 2018, and whose final tax liability for such taxable year is greater than zero;

  • Specifies the total eligible tax liability for that fiscal year, the taxpayer refund share for that fiscal year for each taxpayer, and the taxpayer refund for that fiscal year for each eligible taxpayer (Sec. 2).

  • Requires the department, no later than May 1 following a fiscal year, to refund a taxpayer refund for that fiscal year to each eligible taxpayer (Sec. 2).

  • Repeals the tax rate adjustments pursuant to this section for taxable years beginning on or after January 1, 2022, and establishes the tax rate imposed for purposes of s. 220.11(2) and 220.63(2) at 5.5 percent (Sec. 2).

  • Specifies that a taxpayer failing to provide the required information by the required submission date will be subject to a penalty of $1,000 or 1 percent of the tax determined to be due under this chapter for the most recent taxable year reported on a return filed with the department, whichever is greater (Sec. 4).

  • Repeals section 4 on January 1, 2023 (Sec. 4).

  • Appropriates the sum of $120,000 from the General Revenue Fund to the Department of Revenue to implement this act for the 2019-2020 fiscal year (Sec. 6).

Committee Sponsors

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