In the end, the burger kings franchise tax bill passed by the Florida legislature would give the corporate giant a whopping $1.6 billion in revenue and make the state one of the first states to impose such a tax.
However, that revenue comes with a $100 tax hike, which would have a huge impact on low-income residents.
As we reported last month, the bill passed the state legislature, which has a Democratic governor, with Republican support.
According to the state’s Department of Revenue, the franchise tax would have raised $9 million over the next two years.
“The Franchise Tax is an important part of Florida’s economic development,” Gov.
Rick Scott said in a statement last month.
“We must continue to invest in the State’s economy, so it can attract and retain talented businesses that create jobs for our residents and support local economies.”
The franchise tax has been controversial in the state.
Earlier this year, the Miami Herald reported that the Florida Restaurant Association and Florida Chamber of Commerce have criticized the bill.
It’s not just the franchise taxes that are going up.
The state’s corporate tax has gone up by nearly 10 percent since 2012, when it was originally proposed, and is currently at $4.8 billion.
Despite the tax hike and the increase in corporate taxes, Florida residents have remained relatively well off.
The Tax Foundation, a conservative think tank, has calculated that the corporate tax in Florida has increased by just 0.1 percent, while the state tax rate has been decreasing since it was first introduced in 2000.
So how did the bill pass?
According to The Washington Post, the legislature approved the tax bill on a party-line vote, with only Republicans voting against it.
The Florida Senate passed the bill with a 65-39 vote, after which it passed on a 40-14 vote, according to The Tampa Bay Times.
Senate President Joe Negron, who represents the Miami area, was the lone Republican to vote against the bill, as he has been against many corporate tax hikes in the past.
Negron’s office did not immediately respond to Business Insider’s request for comment.