Budget Watch - House and Senate Tax Cut Packages

The House has announced its tax cut proposal for the 2015 session. It contains 26 different tax reductions and totals $689.2 million tax savings. The centerpiece of the proposal is a $470.5 million reduction in the communications services tax, a long-time Florida TaxWatch recommendation. Other provisions supported by Florida TaxWatch research include a reduction in the sales tax on commercial leases and an increase in the research and development tax credit. The package also includes three different sales tax holidays.

The rest is a patchwork of many different tax cuts, some of them very small and many that had not been part of any legislation so far this session. The House Finance and Tax Committee approved it as a proposed committee on March 31, and it has been filed as HB 7141.

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Florida Manufacturing: A Highly Productive and Integral Economic Driver

Florida Manufacturing: A Highly Productive and Integral Economic Driver

Florida's manufacturing sector is a $86.6 billion industry that ranks sixth in the nation in the value of exported manufactured goods, employs more than 434,000 workers, and contributes 4.62 percent of the state's GDP — quietly outpacing both tourism and agriculture. Anchored by aerospace, defense, and space manufacturing firms along the Space Coast corridor, including global names like Lockheed Martin, Boeing, SpaceX, and Raytheon, the industry also produces medical devices, pharmaceuticals, food and beverage products, and recreational boats. The sector offers high wages with low educational barriers: eleven of the fifteen largest manufacturing occupations require only a high school diploma or equivalent, with an average annual salary of $87,000. Modernized working conditions — built around computer-based tasks and precision environments — have made manufacturing jobs increasingly comparable to traditional white-collar work.

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