Gov. Rick Scott repeated Thursday that he isnt interested in efforts by Democrats to end tax breaks for corporations that members of the minority party say cost the state $500 million a year in revenue.
Scott, speaking before the Florida Retail Federation at the Hotel Duval in Tallahassee, said the state needs to provide incentives to attract business.
Every dollar you take out of the private sector, thats hurting the economy, hurting business, Scott said.
Sen. Nan Rich, D- Sunrise, in a media conference Wednesday at the Capitol where she was flanked by union members and small-business owners, called for legislators to back a bill, SB 1590 and HB 1335, that would require national corporations -- none were directly identified -- to pay taxes to Florida based on the percentage of business done in the Sunshine State.
Currently, Rich said national and international firms pay based upon a consolidated earning formula that allows for a more beneficial rate.
"They claim these tax cuts will stimulate our economy and create jobs," Rich said. "But that obviously hasn't worked."
She added that the loophole adds to the burden of Floridas citizens.
Retailers escape their state tax obligations by transferring profits to certain types of subsidiaries set up in states that dont tax certain types of income, she said.
Scott said Wednesday, during a meeting with reporters in his office, that the state needs to figure ways to spend its revenue better.
"Every time we talk about closing some loophole, that is somebody's money," Scott said. "Whether it comes from an individual or a company, that takes money out of the economy."
Reach Jim Turner at jturner@sunshinestatenews.com or at (772) 215-9889.
