Have you ever wondered how Florida’s taxes stack up against the taxes in other states? If so, this report is for you.
Repeal the Impending Tax Increase and Fix the “Retail Glitch” and Like-Kind Exchanges
Federal corporate income tax reform, which had the general aim of broadening the base and lowering the rate, has reduced the federal tax burden on many corporations. However, since Florida adopted most of the base expansion measures without a concurrent rate reduction, federal tax reform has resulted in increased taxes at the state level, even after subsequent state refunds and rate cuts.
Florida’s Flagship Economic Development Program has a Proven Track Record
There has been an ideological debate regarding economic development incentives brewing in the Legislature for several years. The Qualified Target Industry (QTI) Tax Refund Program is a performance-based program that refunds some of the taxes a business has already paid, but only after it is verified that the contracted requirements have been met, including the promised increase in high-wage jobs.
Florida’s taxation of government-owned property when it is leased by a non-government entity falls well short of the goals for good tax policy, including fairness, simplicity, transparency, and ease of administration. It has been shaped more by the courts than the Legislature.
On Friday, April 9, Florida TaxWatch joins the taxpayers in our state in celebrating Florida Taxpayer Independence Day 2021. 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 voters have approved $10.8 billion in local taxes & bond issues since 2010
Florida has long relied on its local governments to fund a major portion of its government services. In fact, that reliance is heavier than in all but one other state. Florida’s counties, municipalities, school districts, and special districts provide more than half (52.6 percent) of all state and local revenue collected in the state, trailing only New York (54.7 percent).1 Our state has consistently ranked first or second in this metric for many years.
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.
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.
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.
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.