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Rick scott declares 'huge victory' as house passes corporate taxexemption by wgre ethbtn
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Rick scott declares 'huge victory' as house passes corporate taxexemption by WGRE ETHBTN
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| Article Posted: 09/07/2012 |
| Article Views: 56 |
| Articles Written: 1205 - MORE ARTICLES FROM THIS AUTHOR |
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Rick scott declares 'huge victory' as house passes corporate taxexemption |
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Business,Business News,Business Opportunities
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The Florida House on Wednesday approved a series of tax breaks,hoping to free thousands of businesses from corporate income taxesand put extra money in the pockets of back-to-school shoppers. House members went along with Gov. Rick Scott's proposal toincrease the corporate income tax exemption from $25,000 to$50,000, passing it as part of a broader economic-development bill. Scott, in a statement, said it was "a huge victory" for Floridians,and would help businesses create more jobs. The issue sparked a partisan fight Tuesday, as Democrats tried totack conditions onto the additional exemption -- and Republicansfired back by limiting the tax break to businesses that do notemploy union workers.
Some Democrats continued to criticize the income-tax proposalWednesday, contending that it would primarily help largecorporations and do little for small businesses. "This bill does nothing to sweeten the pot for the middle class orthe working families in this state," said Rep. Mark Pafford, D-WestPalm Beach. But Finance and Tax Chairman Steve Precourt, R-Orlando, saidlawmakers need to put aside procedural disputes and "partisanrhetoric." He said the higher exemption would allow nearly 4,000businesses to avoid paying corporate-income taxes altogether. "This is not about the big guys, the big corporations, the fatcats," said Majority Leader Carlos Lopez-Cantera, R-Miami.
"This isabout jobs." The House voted 92-22 to approve the economic-development package,which also includes new or expanded tax breaks related toagricultural packing houses, aircraft repairs and industrialmachinery and equipment. A House analysis said the package eventually would eliminate about$121 million a year in tax revenues for state and localgovernments. "By allowing more than 3,500 businesses to stop paying income taxesand instead put that money into jobs, and maximizing incentives tomake Florida more attractive to quality manufacturing jobs, theFlorida House has demonstrated it knows what it takes to help growprivate-sector jobs," Scott said in a statemet after the vote. Also Wednesday, the House voted unanimously to hold a "sales taxholiday" from Aug. 3 through Aug.
5 that would be geared toback-to-school shoppers. The plan, HB 737, would allow shoppers to avoid paying sales taxeson items such as clothing, shoes and bags that cost $75 or less.Also, they would receive a sales-tax exemption for school suppliesvalued at $15 or less. House members also approved a bill, HB 87, that would provide taxincentives for companies that want to produce oil from abandonedwells in parts of northwest and southwest Florida. Pafford questioned whether that bill would open wells in BigCypress National Preserve and Everglades National Park. But sponsorMatt Hudson, R-Naples, said the bill, which passed 80-36, wouldhelp put people back to work and put Florida on a "path to energyindependence." The Senate has not approved the economic-development package, thesales-tax holiday or the oil-production tax incentives.
But Rep. Gary Aubuchon, R-Cape Coral, said the House is requestingthat the Senate pass the measures or include them in budgetnegotiations. I am Computer Hardware & Software writer, reports some information about xbox price cut , hydraulic chain saw.
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