|Published:||May 11, 2011 3:53 AM EDT|
|Updated:||May 11, 2011 12:59 AM EDT|
CAPE CORAL, Fla. - Florida lawmakers approved cuts in the corporate income tax in the recently-completed legislative session, amounting to about $1,110 a year. It wasn't the complete elimination of the corporate income tax that Governor Rick Scott wanted, but the governor calls it a good first step.
Cape Coral business owner Harry Ridenour said even an $1,100 break can make a difference for growing businesses.
"A small business owner, 1100 dollars is a lot of money," Ridenour said. "1,100 dollars, can take that money and put it towards more advertising. Get your name out there."
Ridenour recently took over 'Talk of the Town,' a Philly cheesesteak restaurant on Del Prado Boulevard, after previously owning businesses in the handyman and remodeling industries.
Exemptions can keep many small business owners from having to pay any corporate income tax in Florida.
Ridenour said any break can be a benefit to business owners.
"The money they're allowing gives an opportunity to do a lot more things," Ridenour said.
Tax watchdogs say the cuts approved in Tallahassee may have been small, but will make a difference.
"They'll have more money in their pocket to invest in their business which will create jobs in Florida," said Rob Weissert of TaxWatch.
There are also measures at work at the federal level. Florida Congressman Allen West recently introduced a plan that would give tax credits to small business that hire an unemployed American. The plan is still making its way through Congress.
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