February 25, 2021

Breaking from big business, some Florida Republicans call for closing corporate tax loopholes [Orlando Sentinel]

Caroline Glenn writes:

"Florida Democrats have tried and failed for years to close loopholes in the state’s tax code that allow big corporations to shift money to other states, a strategy that some analysts estimate costs Florida half a billion dollars annually.

But this legislative session, it’s a Republican lawmaker pushing to clamp down on tax avoidance by corporations, in an apparent break from other GOP legislators and big business lobbyists who have fought hard to keep Florida’s tax laws as lax as possible.


The bill calls for the money raised from the change to be used to offset another business tax. The Florida Policy Institute, an Orlando research nonprofit, estimates Florida could raise $477 million annually in taxes from combined reporting [emphasis added]."


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