Related: IRS Releases Favorable Ruling on Like Kind Exchange Programs
Florida Legislature Approves Car Rental Tax Break
The legislation would offset car rental companies’ increase to state corporate income as a result of tax reform legislation of 2017, which prevented corporations’ ability to defer taxes for like-kind exchanges.
February 5, 2020
Avis and other agencies have been lobbying lawmakers for a tax break for over a year in order to help offset an increase in their state corporate income tax.
Photo via Depositphotos.
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Florida senators voted Tuesday to approve $2 million in tax breaks to rental car agencies including Avis, Enterprise, and Hertz, the Orlando Sentinel reports.
Avis and other agencies have been lobbying lawmakers for a tax break for over a year in order to help offset an increase in their state corporate income tax.
The increase was caused indirectly by federal corporate income tax cuts passed in 2017, according to the report. The 2017 Tax Cuts and Jobs Act eliminated a tax break that allowed car rental companies to put off paying taxes on income earned through selling vehicles. Once President Trump signed the 2017 bill, car rental agencies became liable to pay those taxes.
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