The Department of Revenue for the U.S. State of Florida has issued Tax Information Publication (TIP) No: 21C01-02, announcing that the Florida corporate income/franchise tax rate is reduced from 4.458% to 3.535% for taxable years beginning on or after 1 January 2021, but before 1 January 2022. The tax rate returns to 5.5% for taxable years beginning on or after 1 January 2022. As previously reported, the rate reduction is provided as a result of net tax collections exceeding forecasted collections by approximately USD 2.4 billion. In addition to the rate reduction, TIP No: 21C01-02 also provides guidance on the...