Here is what Florida TaxWatch thinks the Legislature should do.
The 2022 legislative session begins today and, despite the pandemic, Florida is in an enviable fiscal position. The state’s current budget is record in size, as are our budget reserves. Revenue collections are back above pre-pandemic levels, and this Legislature will have even more money available for the next budget cycle, made possible by both strong economic performance and billions in unappropriated federal funds.
IT WAS NOT LONG AGO THAT FLORIDA WAS TURNING THE PAGE FROM A TUMULTUOUS 2020 and preparing for a much-awaited economic rebound throughout 2021.
Congress Should Learn Its Lesson and Leave Well Enough Alone
There are times when we are uncertain what will happen if a particular public policy is implemented. A proposal in Congress about cuts in interchange fees on credit cards is not one of them.
With more than 8,400 miles of coastline and a flat, low-lying coastal topography, Florida is especially vulnerable to the effects of sea level rise. Tens of thousands of Florida homes and businesses are at increased risk from sea level rise. Much of Florida’s critical infrastructure is at low elevations, designed and built with little consideration of future sea level rise. The physical effect of changing climate translates into real economic impacts.
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.