Florida Senate - 2020                                    SB 1576
       
       
        
       By Senator Rodriguez
       
       
       
       
       
       37-01562-20                                           20201576__
    1                        A bill to be entitled                      
    2         An act relating to corporate income taxes; repealing
    3         s. 220.1105, F.S., relating to corporate income taxes
    4         imposed, automatic refunds, and downward adjustments
    5         of such tax rates; amending ss. 220.11, and 220.63,
    6         F.S.; conforming provisions to changes made by the
    7         act; providing an effective date.
    8          
    9  Be It Enacted by the Legislature of the State of Florida:
   10  
   11         Section 1. Section 220.1105, Florida Statutes, is repealed.
   12         Section 2. Subsection (2) of section 220.11, Florida
   13  Statutes, is amended to read:
   14         220.11 Tax imposed.—
   15         (2)(a) The tax imposed by this section shall be an amount
   16  equal to 5 1/2 percent of the taxpayer’s net income for the
   17  taxable year, except as provided in paragraph (b).
   18         (b) The tax rate imposed in paragraph (a) shall be adjusted
   19  as provided in s. 220.1105.
   20         Section 3. Subsection (2) of section 220.63, Florida
   21  Statutes, is amended to read:
   22         220.63 Franchise tax imposed on banks and savings
   23  associations.—
   24         (2)(a) The tax imposed by this section shall be an amount
   25  equal to 5 1/2 percent of the franchise tax base of the bank or
   26  savings association for the taxable year, except as provided in
   27  paragraph (b).
   28         (b) The tax rate imposed in paragraph (a) shall be adjusted
   29  as provided in s. 220.1105.
   30         Section 4. This act shall take effect July 1, 2020.