Florida Senate proposes closing corporate tax loopholes

[tosh]

Corporate giants would lose big tax breaks under a Senate proposal to close loopholes and update Florida's corporate income tax code.

BY MARY ELLEN KLAS
Herald/Times Tallahassee Bureau
TALLAHASSEE -- Toys R Us could be forced to stop shielding its Florida income from taxes. American Airlines could pay taxes based on the number of flights that land in Florida. And Bank of America's international banking division could lose a big tax break.

Those are just some of the effects of a sweeping Senate plan to close loopholes and update Florida's corporate income tax code to bring in more money to fill the state's $3 billion budget hole.

The measure won unanimous approval last week in the Senate Finance and Tax Committee and is on the fast track to the Senate's budget committee. Legislative analysts will calculate Monday how much money it could generate but to the bill's chief sponsor, Sen. Thad Altman, that's not the point.

''We don't look at this as a revenue grab but an effort to have a tax structure that's updated and modernized,'' said Altman, a Melbourne Republican and chairman of the Senate Finance and Tax Committee.

He argues that Florida's corporate tax policies, most of which were written in the 1970s, reward businesses for moving their investments and housing their headquarters outside Florida.


more: http://www.miamiherald.com/news/legislature/story/986126.html

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Wow!

[Mojorabbit]

1. I am looking to see pigs flying

I am amazed they are doing this and it is years past time.