TALLAHASSEE, Fla. (WTXL) - Democratic gubernatorial candidate and Tallahassee mayor Andrew Gillum wants to invest more money into Florida's education system by raising the state corporate tax rate on some businesses.
Gillum made the announcement Friday about the tax plan known as the Fair Share for Florida’s Future. He says it is intended to invest more than $1 billion into the middle class, education, and job training.
The mayor says his plan will be made possible by adjusting the state corporate income tax rate.
Currently, only about 10 percent of Florida’s corporations pay the state corporate income tax, at about 5.5 percent. He says under this new policy, the state corporate tax rate would increase to 7.75 percent on qualifying businesses.
"Not only do we want a friendly environment for businesses to call home, but we also want to have an environment where they can be guaranteed a workforce that is prepared, that is ready, that is qualified," said Gillum.
Mayor Gillum also wants to invest nearly $400 million into pay raises for teachers in public schools, as well as an extra $100 million each to public school construction and vocational training for those wanting to further their education.