FL S1038

Florida Legislature urges Congress to reduce the federal corporate tax rate, which is currently 35 percent.

Combined U.S. federal-state corporate tax rate exceeds 39 percent, the second-highest in the industrialized world compared to the OECD average of 25 percent.

High corporate tax rates undermine state competitiveness against lower-tax nations and have prompted 75 nations to cut corporate taxes since 2007.

Corporate taxes are identified by the OECD as the most harmful tax for long-term economic growth by reducing investment, entrepreneurship, productivity, and wages.

Copies of the memorial shall be sent to the President, President of the Senate, Speaker of the House, and all Florida congressional delegation members.