SB 116- Relating to Tax on Sales, Use, and Other Transactions
On Tuesday, October 20th, SB 116, relating to Tax on Sales, Use and Other Transactions, by Senator Dorothy Hukill (R-Port Orange) was heard in the Senate Finance and Tax Committee and unanimously passed with 8 yeas and 0 nays.

SB 116 will reduce the tax imposed on rental or license fees charged for the use of commercial property from 6 percent to 5 percent. Since the enactment of the Florida Sales and Use Tax in 1949, this is the first time the Legislature has proposed a reduction of this tax. AIF’s Vice President of State and Federal Affairs, Brewster Bevis, stood in support of this bill.

The next stop for SB 116 will be the Senate Appropriations Committee.

AIF SUPPORTS an incremental reduction of tax imposed on rental or license fees charged for use of commercial real property. Florida is the only state that charges tax on the lease of commercial property and while this is a major part of the state’s tax revenues, it needs to be gradually reduced to make Florida more attractive to business.

SB 76- Relating to Tax-exempt Income
On Tuesday, October 20th, SB 76, relating to Tax-exempt Income, by Senator Dorothy Hukill (R-Port Orange) passed unanimously through the Senate Finance and Tax Committee with 8 yeas and 0 nays.

SB 76 increases the amount on income that is exempt from the corporate income tax. In computing a taxpayer’s liability for tax under this code, the amount of income exempt from corporate income tax will be increased from $50,000 to $75,000. AIF’s Vice President of State and Federal Affairs, Brewster Bevis, stood in support of this bill.

The next and final hearing for this bill before the Regular Session starts in January will be the Senate Appropriations Committee.

AIF SUPPORTS Governor Scott’s proposed increase of the exempt income amount from the current $50,000 to $75,000. This is a great incentive for small businesses to expand in Florida and for companies looking to relocate here.