Title: Corporate Income Taxes

Summary: Repealing a provision relating to corporate income taxes imposed, automatic refunds, and downward adjustments of such tax rates, etc.

Full Text:
An act relating to corporate income taxes; repealing s. 220.1105, F.S., relating to corporate income taxes imposed, automatic refunds, and downward adjustments of such tax rates; amending ss. 220.11, and 220.63, F.S.; conforming provisions to changes made by the act; providing an effective date. Be It Enacted by the Legislature of the State of Florida: Section 1.  Section 220.1105, Florida Statutes, is repealed. Section 2. Subsection (2) of section 220.11, Florida Statutes, is amended to read: 220.11 Tax imposed.  (2) (a)  The tax imposed by this section shall be an amount equal to 1/2 percent of the taxpayer s net income for the taxable year,except as provided in paragraph (b).(b)   The tax rate imposed in paragraph (a) shall be adjusted as provided in s. 220.1105. Section 3. Subsection (2) of section 220.63, Florida Statutes, is amended to read: 220.63 Franchise tax imposed on banks and savings associations.  (2) (a)  The tax imposed by this section shall be an amount equal to 1/2 percent of the franchise tax base of the bank or savings association for the taxable year,except as provided in paragraph (b).(b)   The tax rate imposed in paragraph (a) shall be adjusted as provided in s. 220.1105. Section 4. This act shall take effect July 1, 2020.