Crist signs bill to fix Fla. corporate tax glitch

TALLAHASSEE, Fla. (AP) - Gov. Charlie Crist has signed a bill fixing a glitch in the state's corporate income tax law.

Florida businesses could have lost millions without the new law signed Tuesday.

It was the first bill passed in this year's regular legislative session.

The Legislature annually passes a law to "piggyback" Florida onto the federal tax code. Last year's excluded a federal stimulus provision speeding up depreciation because it would have cost the state $146 million.

The exception, though, inadvertently increased a corporation's state tax if it took the federal depreciation bonus.

The new law (SB 1112) fixes that. Lawmakers acted fast because an emergency administrative rule temporarily correcting the problem expired March 9.

(Copyright 2009 by The Associated Press. All Rights Reserved.)

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