A bunch of corporations defied the Florida Legislature without consequence

[Nevilledog]

https://jasongarcia.substack.com/p/a-bunch-of-corporations-defied-the


In 2019, the Florida Legislature passed an enormous tax cut for corporations despite not knowing how much it would cost. It was the second year in a row that state lawmakers had enacted a big corporate tax cut while essentially flying blind – all in response to an even bigger corporate tax cut in Washington that had caused ripple effects in states around the country.

But this tax cut was temporary – and it came with a catch. The law required corporate taxpayers to provide the state with more detailed information about their income taxes.

Supporters called it a responsible middle ground that would allow Florida to gather better data before making any permanent changes in response to the federal tax cuts.

There’s just one problem. Thousands of corporations ended up ignoring that law.

According to the Florida Department of Revenue, only about half of Florida corporate taxpayers filed the “additional information returns” for 2018 and 2019, the two tax years for which the requirement was in place. A spokesperson for the agency said 48.6 percent of corporate tax filers completed the returns for 2018 and 51.4 percent completed them for 2019.

*snip*