Rep. Matt Gaetz (R-FL) charged in an op-ed Friday that the Florida legislature should end Disney’s $600 million tax cheat loophole.
Gaetz explained in an op-ed that Walt Disney Corporation benefits from a Florida tax code loophole that has allowed Disney to potentially skirt around hundreds of millions of dollars in state corporate income taxes. To fix this loophole, Gaetz, a former Florida House chairman of Finance and Tax, wrote that Florida should join the majority of states in adopting combined reporting of state corporate income taxes.
The Florida conservative explained:
This allows Florida to fully realize Disney’s corporate income taxes from as a proportion of their overall, or “combined” reported income. The nonpartisan Florida Revenue Estimating Conference says that this measure would have a recurring impact of $591.7 million on Florida’s budget. That’s $591.7 million that Florida Man and Florida Woman have to shoulder because Disney has fancy lawyers, lobbyists and accountants.
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