The Senate Commerce Committee passed the Corporate Income Tax Rate Reduction bill today. The bill would secure a one-percent reduction in the corporate income tax rate, from 5.5 percent to 4.5 percent on the first $1 million of corporate taxable income.
Gov. Charlie Crist, who proposed the tax break, released a statement saying he was grateful to Sen. Rudy Garcia, R-Hialeah, and the Commerce Committee, which he serves as chairman, for working quickly to give corporations a bit of a break.
"Floridians can be confident my administration is collaborating with the Legislature to do everything in our power to empower the private sector, inevitably spurring growth and job creation," said Crist. "I am grateful to President Atwater for ensuring this bill received a quick hearing."
