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Corporate income tax

Multimillion-dollar Florida tax battle heads to court

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The current owners of two Kraft Foods companies are going to court over a disputed $25 million in Florida corporate income tax. Intercontinental Brands LLC, which now owns Kraft Foods Global Brands, and Intercontinental Great Brands LLC, which owns Kraft Foods Holdings, on Tuesday sued the state Department of Revenue in Leon County Circuit Civil court. The state claims the companies respectively owe $16.3 million for 2008-12 and $8.8 million for 2006-11 in back corporate tax, penalties and interest, according to…

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Florida 2015-16 general revenue boosted by extra billion in sales tax

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State economists released a rundown of state revenue streams Monday, including the sources for Florida’s $28.41 billion in general revenue funds. According to the 2016 Florida Tax Handbook, the state sales tax looks to see the biggest gains in the 2015-16 fiscal year. Sales tax makes up 77 percent of the state’s general revenue funds; the expected $21.87 billion haul represents an increase of about $1.07 billion from last year. The corporate income tax was the only other general revenue…

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Despite resistance, Rick Scott wants $1 billion in tax cuts

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Setting up another contentious budget battle, Florida Gov. Rick Scott was expected Thursday to call for $1 billion in tax cuts, most of it targeted at businesses. Scott’s is recommending the hefty amount despite signs that the Republican-controlled Florida Legislature will resist going along with such a large tax cut package. Scott, however, will argue that the dramatic tax cuts will help the state’s economy withstand the next downturn. “We can’t only create jobs when the national economy is good,”…

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