FL S1236

Gradually reduces the corporate income tax rate from 5.5% to 0.5% between 2012 and 2017, with the tax expiring December 31, 2018 for taxable years beginning on or after January 1, 2018.

Gradually reduces the franchise tax rate on banks and savings associations from 5.5% to 0.5% between 2012 and 2017, with the tax expiring December 31, 2018 for taxable years beginning on or after January 1, 2018.

Redirects revenue from cigarette surcharge and tobacco product surcharge from the Health Care Trust Fund to the General Revenue Fund.

Authorizes a tax credit of 100 percent (capped at 90 percent of tax liability) for eligible contributions to nonprofit scholarship-funding organizations against cigarette and tobacco product taxes or surcharges.

Allows taxpayers with unused corporate income tax credits or franchise tax credits to exchange them for other allowed tax credits or sell/transfer them to other taxpayers, with the Department of Revenue authorized to adopt emergency rules to administer these provisions.