Florida SB 1222: State Taxes

Bill Text

1222 
State Taxes 
2021-02-10T11:24:52Z 
Increasing the tax rate a taxpayer must pay on net income, etc. 
Original Filed Version 
2021 
S 
GB 
General Bill 
__ 

 Florida Senate - 2021 SB 1222 

 By Senator Jones 

 35-00964-21 20211222__ 
 1 A bill to be entitled 
 2 An act relating to state taxes; amending s. 220.11, 
 3 F.S.; increasing the tax rate a taxpayer must pay on 
 4 net income; amending s. 220.1105, F.S.; conforming 
 5 provisions to changes made by the act; providing a 
 6 contingent effective date. 
 7 
 8 Be It Enacted by the Legislature of the State of Florida: 
 9 
 10 Section 1. Subsection (2) of section 220.11, Florida 
 11 Statutes, is amended to read: 
 12 220.11 Tax imposed.— 
 13 (2)(a) The tax imposed by this section shall be an amount 
 14 equal to 6.5 5 1/2 percent of the taxpayer’s net income for the 
 15 taxable year, except as provided in paragraph (b). 
 16 (b) The tax rate imposed in paragraph (a) shall be adjusted 
 17 as provided in s. 220.1105. 
 18 Section 2. Paragraph (d) of subsection (1) and subsection 
 19 (5) of section 220.1105, Florida Statutes, are amended to read: 
 20 220.1105 Tax imposed; automatic refunds and downward 
 21 adjustments to tax rates.— 
 22 (1) As used in this section, the term: 
 23 (d) “Tax rate imposed” is the tax rate as defined in s. 
 24 220.63(2) ss. 220.11(2) and 220.63(2) adjusted as set forth in 
 25 this section. 
 26 (5) For taxable years beginning on or after January 1, 
 27 2022, the tax rate adjustments pursuant to this section are 
 28 repealed and the tax rate imposed for purposes of s. 220.63(2) 
 29 220.11(2) and 220.63(2) is 5.5 percent. 
 30 Section 3. This act shall take effect July 1, 2021, but 
 31 only if SB ___ or similar legislation takes effect, if such 
 32 legislation is adopted in the same legislative session or an 
 33 extension thereof and becomes a law.