Business taxpayers in Florida can now exclude foreign-sourced income from their state tax returns and tap into an extended cut in the corporate income tax rate.
Global intangible low-taxed income, or GILTI, is an income category created by Congress in the 2017 tax overhaul to bring money earned overseas back to the U.S.
By signing H.B. 7127 on June 28, Gov. Ron DeSantis (R) followed the lead of lawmakers in Georgia, Tennessee, and other states in allowing business taxpayers to exclude GILTI.
- Allowing businesses to exclude foreign income would have a “indeterminate” impact on the state’s revenue, according to a ...