Monday, April 6, 2009

"Combined Reporting" Unanimously Passes First Committee Stop

From the Senate Dems:

The Senate Commerce Committee on Wednesday unanimously passed SB 2270, the so-called "Combined Reporting" bill sponsored by Senator Dan Gelber (D-Miami).

The bill closes a loophole in state law that allows multi-state corporations who do business in Florida to avoid paying corporate taxes that Florida-only corporations must pay. More than half the states that impose corporate taxes have already closed the loophole. According to recent reports, closing the loophole would generate $365 million in new revenue.

"In a fiscal crisis we cannot afford the luxury of loopholes that don't enhance our economy,” said Senator Gelber, who supports directing the recovered money to public education. “In fact, Florida's current tax structure creates an unfair advantage for multi-state companies who are able to avoid paying the taxes that companies based only in Florida must pay. I am especially proud that this tax fairness bill passed out of committee on a unanimous, bipartisan vote."

The bill is expected to be next heard in the Senate’s Finance & Tax Committee.

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