Business tax breaks move ahead

The Florida House of Representatives' Finance and Tax Committee unanimously approved a package of tax breaks that could save small businesses millions in the coming fiscal year.

The two key forms of tax relief provided by the bill (PCB FTC 12-07) include a doubling of the corporate income tax exemption, and the addition of multiple homestead exemptions.

The move to increase Florida's corporate income tax exemption from $25,000 to $50,000 could put nearly $10 million back into the pockets of Florida's business owners, the News Service of Florida estimates, while added homestead exemptions could reduce local property taxes by $565 million in the 2013-14 fiscal year.

In all, PCB FTC 12-07 includes ten different changes to the tax code, the News Service of Florida says.