FL S0486

Increases corporate income tax exemption from $50,000 to $75,000 of net income for taxpayers computing liability under Florida corporate income tax code.

Increases franchise tax exemption for banks and savings associations from $50,000 to $75,000 of adjusted federal income, net nonbusiness income, and applicable deductions.

Makes grammatical and technical corrections to statutory language, replacing "there shall be exempt" with "is exempt" and "which" with "that."

Applies to taxable years beginning on or after January 1, 2018, with effective date of January 1, 2018.