Corporate filing fees for Florida businesses could be reduced by $33 million, according to an announcement Friday by Gov. Rick Scott.
The tax cut would affect more than 1.6 million business owners who file annually with the Florida Department of State’s Division of Corporations.
“Small businesses are the backbone of Florida’s economy,” Scott said in a statement from his office. “This $33 million cut in fees from the ‘It’s Your Money Tax Cut Budget’ will allow more businesses to thrive. Today’s announcement puts more money back into the pockets of business owners and entrepreneurs across this great state, so they can make investments and grow more jobs.”
Annual reports are required by the Department of State for every entity that conducts business in Florida. The tax cut would slash “approximately 50 different corporate filing fees and reduces the penalties associated with late filings taking into account the number of months the filing is late,” the statement said.
“The Department of State’s Division of Corporations is the gateway for anyone who wants to start a business or stay in business in Florida,” Secretary of State Ken Detzner said in the announcement. “Gov. Scott’s pledge to reduce corporate filing fees by $33 million shows his commitment to ensuring a healthy business friendly environment in our state, and I commend him for his renewed efforts.”
The business community commended the governor for the initiative.
“I am thankful that Governor Scott works hard every day to make Florida a business-friendly state,” Tom Feeney, president and CEO of the Associated Industries of Florida, said in another statement from the governor’s office. “We look forward to working with Governor Scott and the Florida Legislature to make our state the best place in the nation to do business.”
The tax cut would benefit small businesses and the retail industry, insiders say.
“We thank Gov. Scott for helping Florida’s small-business owners continue to grow and create jobs for our families,” Rick McAllister, president and CEO of the Florida Retail Federation, said in the statement. “The fee reduction will allow retailers to invest more money in their stores and staff by cutting an expense they all face.”
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