Florida Governor Charlie Crist is proposing a 1% reduction in the corporate income tax rate, from 5.5% to 4.5%, on the first $1 million of a corporation's taxable income as part of various proposed tax relief measures. The governor is also recommending a 10–day back to school sales tax holiday. The holiday would apply to clothing selling for less than $100 and school supplies selling for less than $10.
A cynic might suggest that these reductions are an attempt to demonstrate the Governor’s conservative stripes, as part of a hotly contested Republican primary contest for one of Florida’s Senate seats. Whatever the reason, there are many who will welcome tax relief, if it can find its way into law.
Florida Governor's Press Release, 01/26/2010