Florida State University Law Review Volume 6 Issue 3 Article 19 Summer 1978 Defining a airF Share: The Proposed Revision to Florida's Corporate Profits axT Miranda Franks William McVey Smith Follow this and additional works at: https://ir.law.fsu.edu/lr Part of the Constitutional Law Commons, State and Local Government Law Commons, and the Taxation-State and Local Commons Recommended Citation Miranda Franks & William M. Smith, Defining a airF Share: The Proposed Revision to Florida's Corporate Profits axT , 6 Fla. St. U. L. Rev. 1029 (1978) . https://ir.law.fsu.edu/lr/vol6/iss3/19 This Note is brought to you for free and open access by Scholarship Repository. It has been accepted for inclusion in Florida State University Law Review by an authorized editor of Scholarship Repository. For more information, please contact
[email protected]. DEFINING A FAIR SHARE: THE PROPOSED REVISION TO FLORIDA'S CORPORATE PROFITS TAX MIRANDA FRANKS AND WILLIAM MCVEY SMITH I. INTRODUCTION A proposal to limit the scope of Florida's corporate profits tax, by constitutional amendment will be one of the issues presented to the voters in the November, 1978, general election.' This proposal3 is the Florida Constitution Revision Commission's response to a recent Florida Supreme Court opinion, Department of Revenue v. Leader- ship Housing, Inc.4 In Leadership Housing, the court held that Flor- ida's 5% tax on the net income of corporations' applies to all appre- ciation in the value of corporate property acquired prior to, but sold after, November 2, 1971-the date on which Florida voters ap- proved a constitutional amendment lifting the state's prohibition on taxation of corporate income.