The Senate Commerce Committee passed the Corporate Income Tax Rate Reduction bill today. The bill would secure a one-percent reduction in the corporate income tax rate, from 5.5 percent to 4.5 percent on the first $1 million of corporate taxable income.

Gov. Charlie Crist, who proposed the tax break, released a statement saying he was grateful to Sen. Rudy Garcia, R-Hialeah, and the Commerce Committee, which he serves as chairman, for working quickly to give corporations a bit of a break.