FL H0317

Eliminates the corporate income tax on taxpayers for taxable years beginning January 1, 2016, with full repeal effective January 1, 2021, and any tax liabilities incurred before termination remain due and payable.

Repeals the sales and use tax on commercial leases (s. 212.031, Florida Statutes) and makes permanent the existing exemption on industrial machinery and equipment.

Increases all sales and use taxes by 1 percent effective January 1, 2016, projected to generate $3.956 billion in revenue to offset eliminated taxes.

Repeals seven communications services tax statutes and directs the Legislature to develop a method for consolidating and distributing revenue through the Local Communications Services Tax Clearing Trust Fund while absorbing a $600 million state reduction.

Creates an overall tax reduction of $4.097 billion, resulting in an estimated net tax reduction for Florida residents of approximately $141.2 million, effective January 1, 2016.