On Tax Day, Let’s Shine a Spotlight on Florida’s Corporate Tax Giveaways | Opportunity For All Floridians

On Tax Day, Let’s Shine a Spotlight on Florida’s Corporate Tax Giveaways

Florida’s Families Pay Our Taxes to Fund Our Priorities - Florida’s Largest Corporations Should Pay Their Fair Share Too

The Florida Department of Revenue said on April 7 that the agency has begun distributing what will ultimately total nearly $625 million in corporate tax refunds – thanks to legislation Governor Ron DeSantis signed in 2019 (HB 7127).

More than 99% of Florida businesses will not see a refund from this law, since the Corporate Income Tax is only paid by the state’s biggest corporations. In fact, around $100 million of these tax giveaways will go to 10 of the largest corporations, averaging nearly $11 million each, according to Florida Department of Revenue records.

Since Florida does not have a personal income tax, the state must rely on other sources of revenue to pay for investments in education, incentives for housing that working families can afford, affordable healthcare, and other vital services. If we believe in creating economic growth and opportunity for all Floridians, everyone should pay their fair share. That is not the case with Florida’s tax system.

Florida’s Regressive Tax System: the lowest-income Floridians pay the highest percent in taxes

Florida has an upside-down tax code where lower-paid workers spend a greater share of their income on sales taxes than millionaires. For example, if you make $18,000 per year or less (which puts you in the bottom 20% of earners), you pay an average of 8.3% of your income in sales taxes, and 3.1% of your income in property taxes. On the other hand, if you make $300,000 (which puts you in the top 5% of earners), you pay just 1.9% of your income in sales tax, and just 2.6% in property taxes.

In other words, the people who can least afford it are the ones who are paying the highest share of their incomes in Florida taxes. The lowest-income Floridians pay five and a half times as much in taxes as a share of their household income than the state’s wealthiest residents.

Rather than working to reduce the tax burden on hardworking Floridians, Gov. Ron DeSantis signed into law a $1 Billion Sales tax increase in 2021.

Stay tuned for how this affects everything from housing to education to healthcare in Florida.

Get The Facts

The lowest-income Floridians pay 5.5 times as much in taxes as a share of their income than the state's wealthiest residents. Source: ITEP.org
In April 2021, Gov. Ron DeSantis signed into law a bill that will cost Florida consumers who shop online an estimated $1 billion a year in sales taxes, with the money used to cut business taxes.
This year, This year, the Florida Department of Revenue is giving away more than $624 million in corporate tax giveaways to the state’s largest corporations.

Share the Facts:

Actions you can take on Economic Opportunity:

Add Your Name: Strengthen Protections for Homeowners Facing Construction Fraud

Write your Florida lawmakers to build a better financial safety net for Florida homeowners facing contractor fraud.
Add Your Name

Add your name: Support homeowners’ insurance rebates for Florida’s low-income seniors

The sharp increase in insurance premiums is pushing many seniors to the brink of losing their homes. Write your lawmakers to support SB 348, which ...
Add Your Name

Tell Florida Lawmakers: Help Us Lower Our Electricity Bills With Reliable and Affordable Energy Options

Volatile natural gas prices are driving electricity bills through the roof for families across Florida. Tell Florida lawmakers: we deserve reliable and affordable solar energy ...
Add Your Name

Political donations in exchange for higher interest rates?

Short-term lenders are donating hundreds of thousands of dollars to Florida politicians in a bid to get higher interest rates on short term loans.
Read More →
An EV charging station

Opinion: State must prohibit utilities from taking over EV charging networks

Guest columnist John Peyton argues that Florida’s electric vehicle charging marketplace is a monopoly. He argues that Florida should level the playing field in EV ...
Read More →

The Florida Legislature Should Not Enable Deceptive and Predatory Business Practices

All Floridians deserve a fair economic playing field with consumer protections that shield us from deceptive and predatory business practices. And that is what our ...
Read More →

The Importance of an Independent Public Counsel for Florida

The Public Counsel is one of the most important, but least understood roles in Florida government, acting as a watchdog on behalf of Florida’s utility ...
Read More →