SB 1692 – Relating to Corporate Income Tax
On Monday, March 25, SB 1692 by Senator Javier Rodriguez (D-Miami) was heard in the Senate Commerce and Tourism Committee and was reported unfavorable with 2 yeas and 2 nays. AIF’s Senior Vice President of State and Federal Affairs, Brewster Bevis, stood in opposition of this legislation.
Currently, corporations under a unitary business are not required to compute the total taxable income on a combined basis. Corporations that are members of an affiliated group have the choice of filing on a separate entity basis or as a consolidated group. This bill requires combined income reporting for the state’s corporate income tax. Corporations that are members of a unitary business are required to file a return combining all federal income from those entities and apportion the combined income to Florida based upon a statutory formula.
AIF opposes burdensome corporate tax increases that could hinder the growth of Florida corporations which provide jobs and economic growth to our state.