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Multistate Tax: Prepare for New Florida Tax Laws Taking Effect July 1!

The following is a summary of the tax legislation as signed into law thus far by Governor Rick Scott. Unless otherwise provided in the bill, these changes take effect July 1, 2012.

Corporate Income Tax

Estimated Payments (HB 5701)—the bill establishes that the payment due on Sunday, June 30, 2013 is required to be paid on or before Friday, June 28, 2013 and not the next succeeding business day.

Internal Revenue Code (HB 5701)—the bill adopts the Internal Revenue Code as in effect on January 1, 2012.

Income Tax Exemption (HB 7087)—the bill increases the corporate income tax exemption from net income of $25,000 to $50,000. 

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