FL S1222

Reduces corporate income tax rate from 5.5% to 4.5% effective January 1, 2012, with incremental reductions continuing annually until reaching 0.5% by January 1, 2016.

Reduces alternative corporate income tax rate for certain taxpayers from 3.3% to 2.7% effective January 1, 2012, with annual reductions until reaching 0.3% by January 1, 2016.

Repeals Part I and Part II of chapter 220, Florida Statutes (corporate income tax title, intent, definitions, and tax imposition sections) effective January 1, 2017.

Repeals Parts III through X of chapter 220, Florida Statutes (corporate income tax returns, payments, accounting, administrative procedures, penalties, and criminal provisions) effective January 1, 2019.

Directs Division of Statutory Revision to assist legislative committees in preparing conforming legislation before the 2017 and 2019 regular sessions to address statutory changes resulting from the repeals.