Crist: Small Business Tax Break

Gov. Charlie Crist announced Wednesday a plan to reduce Florida's corporate income tax rate from 5.5% to 4.5% on the first $1 million of taxable income.

The proposal, which adds up to a $57.4 million tax cut statewide, would benefit some 35,000 Florida businesses if it can get through the Legislature in another tough budget year.

Along with a proposed return of the back-to-school sales tax holiday and legislation to at least defer the 1,094% increase in the minimum unemployment compensation tax rate, it all adds up to an estimated $100 million in state tax relief for families and businesses — if approved.