HB 503 Summary

• Reduces Florida corporate income tax rate incrementally from 5.5% to 0.5% between January 1, 2012 and January 1, 2016, with parallel reductions for alternative minimum tax from 3.3% to 0.3%

• Repeals Part I (title, intent, definitions) and Part II (tax imposition and apportionment) of Chapter 220, Florida Statutes effective January 1, 2017

• Repeals Parts III-VI, VIII-X of Chapter 220 (returns, payments, accounting, administrative procedures, penalties, and criminal provisions) effective January 1, 2019

• Amends franchise tax provisions to reference corporate income tax sections as they existed on December 31, 2016 and December 31, 2018 to maintain franchise tax functionality after corporate income tax repeal

• Directs Division of Statutory Revision to assist legislative committees in preparing conforming legislation by the 2017 and 2019 regular sessions to address outstanding tax issues and statutory references