Florida could reap more than $4 billion in new corporate income tax revenue over 10 years if it continues to follow the bulk of the latest federal tax code provisions, according to a new state analysis.
It’s a substantial gain for a state whose corporate income tax revenue was $2.4 billion in the latest fiscal year. Business taxpayers and advocacy groups are urging the state to avoid this unintended tax increase by revising Florida’s tax laws during the 2019 legislative session, which begins in March.
The potential tax increase results from changes in the 2017 federal tax law. The state’s ...
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