FL S1222

Increases the corporate income tax rate from 5.5 percent to 6.5 percent of net income for taxpayers.

Removes the provision allowing automatic adjustments to the tax rate as previously outlined in section 220.1105.

Redefines "tax rate imposed" to reference only section 220.63(2) instead of both sections 220.11(2) and 220.63(2).

Repeals tax rate adjustment provisions for taxable years beginning on or after January 1, 2022, setting the rate at 5.5 percent for section 220.63(2).

Takes effect July 1, 2021, contingent upon passage and enactment of companion legislation (SB ___) in the same legislative session.