FL S1406

Recreates annual intangible personal property tax effective January 1, 2011, imposing a 2 mills tax on intangible property with taxable situs in Florida, with a reduced rate (0.85-0.70 mills) for securities in Florida's Future Investment Fund.

Establishes "water's edge group" reporting method for corporate income tax, requiring combined filing by related corporations and eliminating affiliated group consolidated reporting under prior law (repeals s. 220.131).

Provides $1 million annual exemption for individual taxpayers and $250,000 for non-individual taxpayers on intangible property taxes, with additional exemptions for specific property types including retirement accounts, qualified investments, and accounts receivable.

Creates contaminated site rehabilitation tax credit allowing 35 percent of cleanup costs (up to $250,000 annually) for eligible sites, with provisions for transfer after merger/acquisition and 5-year carryforward period.

Dedicates revenue from the intangible tax to the Educational Enhancement Trust Fund (25% each to State University System, community colleges, K-12 schools, and early learning programs), with $50 million allocations specified for university and community college workforce education.