Crist proposing tax cut for Fla. corporations
Published: Tuesday, January 26, 2010 at 1:04 p.m.
Last Modified: Tuesday, January 26, 2010 at 1:04 p.m.
TALLAHASSEE, Fla. — Gov. Charlie Crist wants to give Florida corporations a $100 million tax cut although the state is facing a potential budget deficit of up to $3.2 billion.
Crist on Tuesday said his proposal is designed to help businesses more jobs to reduce Florida's 11.8 percent unemployment rate.
He is proposed the tax be cut from 5.5 percent to 4.5 percent but only for the first $1 million of a corporation's annual income. That would mean a maximum savings of $10,000 for each corporation.
Asked how such a small amount would result in job creation, Crist said it was better than raising taxes by $10,000.
Crist, also running for the U.S. Senate, planned to make a formal announcement of his plan later Tuesday in Panama City.