Millions of Dollars in Tax Refunds Are on Their Way to Florida’s Richest Companies

Florida Democratic lawmakers denounced the large reimbursements going to these corporations as Floridians struggle to pay for rent and utilities.

¿Ya recibiste tu reintegro? Chances are it won’t come close to the $625 million that some major Florida corporations will receive. 

Last Thursday, the Florida Department of Revenue (DOR) confirmed that it had begun distributing the millions in tax refunds thanks to HB 7127 that Gov. Ron DeSantis signed in 2019, which automatically lowers corporate income tax rates if net income tax revenue exceeds projections in a given fiscal year.

That said, 99% of Florida businesses won’t receive any tax refunds.

In 2020, the first round of $524 million in refunds went to only the largest 1% of private companies operating in Florida.

Just a few weeks ago, before the DOR began the disbursement, the GOP Legislature cut $100 million from a program meant to help build affordable rental housing as well as millions from hospitals that care for some of the state’s most vulnerable children and families.  

On Monday, Democratic gubernatorial candidate and current US Rep. Charlie Crist joined state Reps. Anna V. Eskamani, Carlos Guillermo Smith, and Angie Nixon in a zoom event to denounce the $624 million in corporate tax refunds.  

“The bottom line today is that working people need a tax break, not big businesses,” Eskamani said during the virtual event.

The names of the corporations receiving the tax breaks are shielded from public disclosure.

 “We’re spending more on issuing corporate refunds than we are every single year to fund pre-K. We’re spending more on corporate tax refunds to the top 1% of Florida corporations than we are on affordable housing. We’re spending more on corporate tax refunds than we are to reduce the waiting list at the Agency for Persons with Disabilities, which has 22,000 persons on the list waiting for services,” Smith said.