Crist: Small Business Tax Break

Gov. Charlie Crist announced Wednesday a plan to reduce Florida's corporate income tax rate from 5.5% to 4.5% on the first $1 million of taxable income.

The proposal, which adds up to a $57.4 million tax cut statewide, would benefit some 35,000 Florida businesses if it can get through the Legislature in another tough budget year.

Along with a proposed return of the back-to-school sales tax holiday and legislation to at least defer the 1,094% increase in the minimum unemployment compensation tax rate, it all adds up to an estimated $100 million in state tax relief for families and businesses — if approved.

In other activity during a series of press conferences Wednesday:

• Crist recommended a $9.7 billion investment in economic development to include infrastructure, workforce development and incentives for small businesses.

• High speed rail funding from the federal government is expected to be $1.5-1.6 billion, according to sources close to gubernatorial candidate Sen. Paula Dockery, R-Lakeland. The money is to help pay for a high speed rail line along the I-4 corridor connecting Tampa and Orlando.

• A $15 million incentive package is being put forward to lure the Chicago Cubs to Naples for spring training, according to Crist, who calls the Cubs, “one of the best known brands in the world.” State Rep. Tom Grady, R-Naples, has been working on a bill, says Crist.