The Oracle: Big Corporate Tax Loopholes Strain Florida Budget
media mentionA 2019 report from the Institute on Taxation and Economic Policy, for instance, examined data from the IRS and Congressional Budget Office, estimating that Florida loses $1.1 billion annually from state corporate tax loopholes.
$1.1 billion might seem small compared to the state’s $90 billion budget, but even small funding changes can have big impacts. The entire Florida university system, for instance, received $5.1 billion from the state in the 2019 fiscal year.