Gov. Scott drops budget veto threat after deal reached on corporate income taxes

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Gov. Rick Scott, who has warned for weeks that he may veto the state budget if he did not get a cut in the state? corporate income tax, has reached a deal that calls for a much smaller cut than what the governor initially advocated, reports Gary Fineout.

But the deal will likely end all talk of a budget veto and it will give Scott a chance to claim a substantial win during his first legislative session.

House Speaker Dean Cannon and Scott discussed the plan by phone call on Monday night, a spokeswoman for Cannon confirmed.

Scott had asked for a $458 million cut by rolling back the current corporate income tax rate from 5.5 percent to 3 percent. But Scott also wanted a bill that would phase out the tax over the next seven years, saying it was needed to help jumpstart the state? economy. Keep reading Gary Fineout’s article here.

Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida’s most influential new media websites, including SaintPetersBlog.com, FloridaPolitics.com, ContextFlorida.com, and Sunburn, the morning read of what’s hot in Florida politics. SaintPetersBlog has for three years running been ranked by the Washington Post as the best state-based blog in Florida. In addition to his publishing efforts, Peter is a political consultant to several of the state’s largest governmental affairs and public relations firms. Peter lives in St. Petersburg with his wife, Michelle, and their daughter, Ella.