HB 675 - Taxation Bill Summary

• Recreates annual intangible personal property tax (called "Millionaire's Tax Act") effective January 1, 2011, imposing 2 mills tax on intangible property with taxable situs in Florida, with reduced rates (0.85-0.70 mills) for securities in Florida's Future Investment Fund

• Provides $1 million exemption for individuals and $250,000 exemption for other entities; establishes June 30 annual due date with early payment discounts ranging from 1-4 percent

• Implements water's edge group reporting method for multistate corporations, requiring combined income reporting and apportionment instead of previous affiliated group consolidated returns

• Creates contaminated site rehabilitation tax credit of up to 35 percent of cleanup costs for intangible property tax (capped at $250,000 per year) and 50 percent for corporate income tax (capped at $500,000 per year)

• Directs recaptured revenues to Educational Enhancement Trust Fund with allocations to state universities (25%), community colleges (25%), K-12 schools (25%), and early learning coalitions (25%)