Bill Text: FL S1222 | 2021 | Regular Session | Introduced

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Bill Title: State Taxes

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2021-04-30 - Died in Commerce and Tourism [S1222 Detail]

Download: Florida-2021-S1222-Introduced.html

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       Florida Senate - 2021                                    SB 1222
       
       
        
       By Senator Jones
       
       
       
       
       
       35-00964-21                                           20211222__
    1                        A bill to be entitled                      
    2         An act relating to state taxes; amending s. 220.11,
    3         F.S.; increasing the tax rate a taxpayer must pay on
    4         net income; amending s. 220.1105, F.S.; conforming
    5         provisions to changes made by the act; providing a
    6         contingent effective date.
    7          
    8  Be It Enacted by the Legislature of the State of Florida:
    9  
   10         Section 1. Subsection (2) of section 220.11, Florida
   11  Statutes, is amended to read:
   12         220.11 Tax imposed.—
   13         (2)(a) The tax imposed by this section shall be an amount
   14  equal to 6.5 5 1/2 percent of the taxpayer’s net income for the
   15  taxable year, except as provided in paragraph (b).
   16         (b) The tax rate imposed in paragraph (a) shall be adjusted
   17  as provided in s. 220.1105.
   18         Section 2. Paragraph (d) of subsection (1) and subsection
   19  (5) of section 220.1105, Florida Statutes, are amended to read:
   20         220.1105 Tax imposed; automatic refunds and downward
   21  adjustments to tax rates.—
   22         (1) As used in this section, the term:
   23         (d) “Tax rate imposed” is the tax rate as defined in s.
   24  220.63(2) ss. 220.11(2) and 220.63(2) adjusted as set forth in
   25  this section.
   26         (5) For taxable years beginning on or after January 1,
   27  2022, the tax rate adjustments pursuant to this section are
   28  repealed and the tax rate imposed for purposes of s. 220.63(2)
   29  220.11(2) and 220.63(2) is 5.5 percent.
   30         Section 3. This act shall take effect July 1, 2021, but
   31  only if SB ___ or similar legislation takes effect, if such
   32  legislation is adopted in the same legislative session or an
   33  extension thereof and becomes a law.