|Published:||Apr 25, 2011 4:57 PM EDT|
|Updated:||Apr 25, 2011 1:57 PM EDT|
TALLAHASSEE, Fla. (AP) - A revised proposal by Gov. Rick Scott to phase out Florida's corporate income tax is on life support.
The Senate Commerce and Tourism Committee put it on hold Monday at the request of its sponsor, Sen. Garrett Richter, a Naples Republican.
The meeting was the panel's last of the legislative session, but Richter said he wasn't giving up on one of Scott's top priorities. He could try to amend it to other legislation.
Scott's new proposal would cut the corporate tax rate by a percentage point to 4.5 percent the first year. Future reductions would occur only if other revenue increases enough to offset losses from the next tax cut increment.
Richter said the biggest problem is how to make up for $333 million loss in the first year.
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