Florida Tax Views: A Closer Look At $500M Corporate Refund

Law360 (August 15, 2019, 6:10 PM EDT) -- As discussed in my previous Law360 column, Florida’s corporate income taxpayers will be receiving a significant tax refund in spring 2020 and a retroactive corporate tax rate reduction for 2019.[1] Both adjustments stem from legislation over the last two years to address the Tax Cuts and Jobs Act and some of the base broadening provisions contained therein.

Corporate Income Tax Refunds

According to the recent forecast adopted by Florida's economists, a corporate income tax refund of $543.2 million should be due back to taxpayers as a result of significant increased collections during the state's 2018-2019 fiscal year. Corporate taxpayers will receive...

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