Florida increased exemption on corporate income tax, as well as the exemption on Florida’s bank/savings associations franchise tax, from $25,000 to $50,000 of net income. The exemptions are effective Jan. 1, 2013.
The enacted legislation also contains a number of sales/use tax provisions designed to encourage economic development, such as lowering to 5% the productive output increase required to exempt the purchase of machinery and equipment, and declaring an upcoming sales tax holiday period.
