Gov. Rick Scott’s $120 million business tax cut plan passed the House by a wide margin Wednesday, a day after partisan bickering dominated debate on the issue.
The tax plan, a priority of Scott (Download ScottTaxPriorities), would double the corporate income tax exemption, from $25,000 to $50,000, meaning 3,770 companies would be exempt from paying any income taxes.
Scott has said he would like to completely phase out the state’s corporate income tax, in order to make Florida more business-friendly. Companies paid nearly $2 billion in state income tax last year, about 8 percent of all revenue collected by Florida.
Several other parts of the tax package would cut costs for thousands of businesses and reduce revenue in the state. The measures would slash taxes on oil drilled in Florida (by $3.3 million), manufacturing equipment ($56.4 million), private plane repair ($12.3 million) and electricity at produce packing houses ($1.1 million).