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Florida Foreign Income Tax Exemption Heads to Governor

May 2, 2019, 9:16 PM

Florida’s tax code would exempt foreign-sourced income that is newly taxable under federal law if Gov. Ron DeSantis signs a bill headed to his desk.

H.B. 7127 won final passage from the state Senate on May 2 by a vote of 39-1.

The bill is the Florida Legislature’s second stab at responding to federal tax code changes under the 2017 tax law. If the state were to allow all the federal changes to flow through to state tax returns, it would result in a tax increase on businesses that Florida’s revenue department estimated ...