Federal Funds Would Lead to Record Spending
Despite the negative revenue impact of the COVID-19 pandemic and the Legislature’s early talk of shortfalls and budget cuts, Governor Ron DeSantis has released a proposed budget for FY2021- 22 that totals $96.578 billion, a $4.308 billion (4.7 percent) increase over current year spending.
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As Florida continues to deal with the constantly changing COVID-19 pandemic, questions remain as to how the state will reverse one of the worst recessions in history while at the same time maintaining prudent public health and safety measures. The difficulty lies in the unequal manner in which the virus has wreaked havoc on the state’s various economic sectors. Due to the varied effects, understanding the nature and scope of each sector’s unique pandemic challenges is crucial to providing substantive policy recommendations going forward.
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As the impacts of the COVID-19 pandemic continue to be felt by Florida’s businesses, non-profits, schools, colleges and universities, and healthcare providers, employers of all types are fearful of keeping their business open or reopening their business because of the threat of opportunistic, predatory, and expensive litigation resulting from alleged exposure to COVID-19 when they are taking proper precautions.
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New General Revenue Estimates Add $2.1 Billion to Expected Collections
The General Revenue Estimating Conference (GREC) met on December 18 and 21 and increased Florida’s general revenue (GR) projections by $1.486 billion in the current budget year and $623 million in FY2021-22.1 This restores 39 percent of the $5.4 billion two-year reduction in the estimates adopted by the GREC last August.
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AS WE CLOSE OUT A TUMULTUOUS YEAR for Florida, defined by COVID-19 and its resulting disruptions to everyday life, we consider what may lie ahead for Florida’s economy in 2021. If there’s one thing assured for next year, it is that much economic uncertainty will persist against the backdrop of a constantly changing pandemic. Yet with several promising vaccines on the horizon and gradually improving labor market conditions, Florida looks poised to undergo the slow but steady process of economic rebuilding over the coming year.
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On November 20, 2020, Florida TaxWatch received the Bond Oversight Committee Quarterly Report for
the Quarter Ended September 30, 2020 (“Quarterly Report”). This single 854-page report provides updated
information on the implementation of the District’s SMART Program and the use of general obligation
bond funds to purchase and install technology upgrades, purchase music, and art equipment, improve
safety, upgrade athletic facilities and renovate educational facilities.
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Whether purchasing a car, picking up coffee, or paying a contractor, consumers play an important role in the U.S. economy, where personal consumption represents around 70 percent of the nation’s gross domestic product. It comes by no surprise, then, that consumer optimism acts as an important indicator for the overall strength of the
economy.
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The Taxation of Groceries in Florida
As Thanksgiving nears and we think about the many blessings we have to be thankful for, here’s another one to add to the list: groceries are exempt from the Florida sales tax.
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On November 3, 2020, Floridians went to the polls (or voted by mail) to elect the next President of the United States, voted on numerous state and local races, and decided the fate of six proposed amendments to the Florida Constitution. As if that were not enough, voters across the state had to consider more than 200 local referenda, including some significant tax increases This wrap-up looks at how these measures fared.
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Application surges during the COVID-19 pandemic have exposed the shortcomings of the current state-administered, federal safety net programs, especially the Reemployment Assistance (Unemployment Insurance) program. This report explores Florida’s opportunity to implement more efficient and cost-effective business processes, thus reducing the size of government, saving the taxpayers money, and improving service delivery to Floridians in need.
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College football teams serve as important economic drivers in their local communities.
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Is Halloween candy a trick or a treat? Both, if you’re buying it in Florida! Groceries are generally exempt from the Florida sales tax, but candy can get confusing.
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The following is a compilation of the tax and fee increases, bond issues, proposed exemptions, and selected other significant fiscal referenda that go before Florida voters on November 3.
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This report is part of our larger How Florida Compares series, which is intended to help Floridians better understand their state through data. This report, like each report in this series, provides neutral, nonpartisan information on where Florida ranks compared to our 49 sister states and the national average.
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Florida TaxWatch undertakes this review of Early Childhood Courts to better understand how Early Childhood Courts can provide improved child-parent outcomes while saving taxpayer money. Florida TaxWatch is proud to present the following report to highlight the importance of expanding Early Childhood Courts and to initiate conversation with state policymakers in the upcoming 2021 legislative session and beyond.
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Presented to the Broward County Bond Oversight Committee October 5, 2020
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Florida TaxWatch tiene el honor de brindar este servicio a los contribuyentes de Florida para ayudar a educar a los votantes sobre las enmiendas que se les presentan en la boleta de este año. La GuĂa del Votante de 2020 detalla las seis enmiendas presentes en la boleta electoral del 3 de noviembre de 2020, proporciona recomendaciones de TaxWatch sobre la forma de votar junto con el razonamiento de cada recomendaciĂłn.
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Last month’s historic achievement does more than simply showcase human ingenuity and exploration; for residents on Florida’s Space Coast, the SpaceX mission signifies an economic rebound ten years in the making. For a local economy once devastated by the Space Shuttle Program’s end and the Great Recession, achievements in the private space industry have promoted a revitalized economy that continues to display an upward trajectory.
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The severe economic contraction brought on by COVID-19 has reduced state revenues significantly. The pandemic is also increasing government costs such as virus response/recovery and assistance to those harmed economically by the public health emergency. This spells trouble for the current and future state budgets.
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To the 2020 Constitutional Amendments
Florida TaxWatch is honored to provide this service to the taxpayers of Florida in order to help educate voters on the issues before them on this year’s ballot. The 2020 Voter Guide details the six amendments on the November 3, 2020 ballot, provides a TaxWatch recommendation of which way to vote, and the reasoning for each recommendation.
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In this report, Florida TaxWatch examines the potential impacts of raising Florida’s minimum hourly wage to $15 on Florida businesses and taxpayers. Like many amendments, the increased minimum wage comes with both positive and negative impacts. While it would help lift many workers out of poverty and increase wages even for those not making minimum wage, it would also increase the cost of doing business in the state, and the cost of being a consumer in the state.
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Florida taxpayers must hold state government accountable for making smart business decisions and conducting the high-level planning and project management necessary to ensure success and minimize the risk to the state.
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Made up of public policy professionals, tax and budget experts, and leaders of both small and large businesses, the Task Force was established to identify those areas of state tax policy that could be addressed both immediately and in the long term to provide Florida’s businesses—and their employees and customers—appropriate relief and assistance.
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After 128 months of economic expansion through February 2020, the global coronavirus pandemic brought on the largest post-war contraction in U.S. history. With the resulting closure or slowdown of businesses, record unemployment, and a loss of tourism, Florida’s economy is suffering. The impact on government revenue has been and will continue to be profound. The General Revenue Estimating Conference met on August 14 and reduced the revenue projections by $3.420 billion in the current budget year and $1.994 billion in FY2021-22. This follows news that actual collections in FY2019-20 fell $1.9 billion short of the estimate.
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As Florida continues its battle with the COVID-19 pandemic, the state has released General Revenue (GR) collections data for June (the last month of the FY19-20 fiscal year).1 Collections came in $427.8 million (13.4 percent) below estimate, following losses of $878.1 million (29.4 percent) in April and $779.6 million (26.4) percent in May. Because collections were running a bit above estimate before the pandemic hit, the $2.1 billion loss in the last quarter puts Florida down $1.9 billion (5.7 percent) for the year.
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