In November 2018, Florida TaxWatch released an independent research report entitled “Is the Sun Setting on Film In Florida.” Our report highlights the critical economic need to consider incentives for the film and television industry as part of the state’s overall economic development strategy.
Tourism plays a major role in Florida’s economic strength. In 2019, more than 131 million tourists visited Florida and spent an estimated $91.3 billion. This spending supports as many as 1.5 million Florida jobs, and generates significant state and local tax revenues in Florida, helping to keep the tax burden on residents down. According to the Office of Economic and Demographic Research, for every $1 the state invests in VISIT FLORIDA, $3.27 in state tax revenue is generated.
Less than a week after the Senate Appropriations Committee heard a gloomy presentation on the outlook for the upcoming budget, the General Revenue Estimating Conference met on December 18 and increased the revenue projections by $461.5 million in FY2018-19 and another $380.5 million in FY2019-20. This means the 2019 Legislature will have an estimated $842 million more in General Revenue (GR) collections for the next state budget than was previously expected.
On November 6, 2018, Floridians voted on 12 proposed amendments to the Florida Constitution. Eleven of the 12 passed with at least a 60 percent majority, all but Amendment 1, which would have provided an additional $25,000 homestead property tax exemption. But the amendments were not the only thing that voters had to agree on. In addition to the amendments, voters across Florida chose to put in place a number of local tax measures and new bond issues.
On November 6, 2018, Floridians will vote on 12 proposed amendments to the Florida Constitution. This Florida TaxWatch Voter Guide is designed to provide voters with information about each of the amendments to help them cast well-informed votes.
Actual net GR collections for the fiscal year that that just ended exceeded the last estimate (February 2018, adjusted for legislative changes) by $205.2 million (0.66 percent). This will be added to the unobligated FY2018-19 GR (cash reserve) balance of $1.026 billion to be carried forward to the next budget year (FY2019-20). These numbers, along with the current cycle of the state’s Estimating Conferences, can begin to define the fiscal outlook for the next state budget that will be developed by the 2019 Legislature.
The 2018 Edition of this annual pocket guide gives taxpayers and elected officials great insight as to how Florida’s taxes compare to other states and the national average across a wide variety of metrics.
On Saturday, Floridians will celebrate the first day of the year where taxpayers are finally earning money for themselves and not for the tax collector. Taxpayer Independence Day, calculated by Florida TaxWatch, assumes that every dollar earned since January 1 goes to pay federal, state, and local obligations.
Saturday, April 14, Florida TaxWatch joins the taxpayers in our state in celebrating Florida Taxpayer Independence Day 2018. On that day, Floridians are finally earning money for themselves–not for the tax collector. This symbolic date assumes that every dollar earned since January 1 goes to pay federal, state, and local tax obligations.
Florida TaxWatch’s annual independent review of Florida’s FY2018-19 budget, the Budget Turkey Watch Report , was released today. The report promotes additional oversight and integrity in the state’s budgeting process based on the principle that: because money appropriated by the Legislature belongs to the taxpayers of Florida, the process must be transparent and accountable, and every appropriation should receive deliberation and public debate.
For over 45 years, donor support has made Florida TaxWatch the state’s leading independent voice for taxpayer accountability. There are many ways to support our mission.
