Tax Group: Fix Corporate Tax Glitch

A glitch in Florida’s tax code may cost corporations the benefits of a recent federal economic stimulus package and state lawmakers need to fix it now, Florida TaxWatch urged on Monday.

If lawmakers don’t fix the glitch, corporations may lose state tax benefits by taking advantage of an accelerated federal depreciation schedule approved by Congress earlier this year.

Lawmakers, who are scheduled to return Nov. 18 to swear in new members, should make technical amendments at that time to allow for the federal deductions. Corporations are scheduled to make federal tax payments by Dec. 15. A state tax payment is due in January.