9 Actions Florida Should Take to Help Taxpayers Impacted by Hurricane Ian

1.     Postpone tax notices and waive penalties or interest for late tax filings in affected areas

2.     Extend the date for residents to take advantage of the tax discounts they would normally receive for paying property taxes and special assessments in November and postpone or defer the deadline for property tax installment payments

3.     Protect individual and business taxpayers from the risks for notices that they will likely not receive because their home or business addresses is not accessible anymore

4.     Issue no new audits in severely impacted areas, extend the statute of limitations and postpone existing audits that haven’t reached the assessment stage because these can’t be responded to while entire communities are still recovering

5.     Create procedures for fairly estimating taxes which can’t be calculated because records have been destroyed by the storm, moving away from the current method which significantly overestimates activity if no records are available

6.     Initiate procedures to offer payment plan assistance for late taxes, rather than resorting to the standard collection methods, like liens, levies, or bank freezes

7.     Retroactively apply the recently passed law that provides property tax refunds for residential property rendered uninhabitable as a result of a catastrophic event

8.     Provide tangible personal property relief and allow n on-residential properties rendered uninhabitable to receive property tax refunds

9.     Get Congress to pass a Disaster Tax Relief Act that includes provisions from past packages, including elements such as an Employee Retention Credit, an enhanced casualty loss deduction, and other relief provisions

Other Resources

Florida TaxWatch Statement on Hurricane Ian Recovery

Community Involvement

Florida’s Labor Market Continues Cooling Down at a Slow Rate

/ Categories: Research, Blog

This Florida TaxWatch blog examines labor market changes amid the Covid-19 pandemic, with a focus on the U.S. and Florida. It notes a national slowdown in job openings, with a stable 3.7% unemployment rate, contrasting with Florida's lower 2.9% rate and job gains in most sectors. The data suggests a cooling labor market, but not enough to significantly impact inflation. Despite Federal Reserve efforts to slow the economy, there are still more jobs than unemployed persons nationally. Experts no longer anticipate a recession, but inflation concerns persist, especially if the Federal Reserve changes interest rates.

Fiscal Year 2023: Florida's Continuing Success in Debt Reduction

/ Categories: Blog

The 2023 Debt Report for Florida highlights the state's strong financial standing, with a debt ratio below the 6% legislative target for the tenth consecutive year. Florida's debt and debt service have decreased, while General Revenue collections increased by $3.3 billion. Rating agencies affirmed AAA ratings and a stable financial outlook. The report details Florida's debt management strategies, including limiting debt accumulation and maintaining high reserves, contributing to a strong debt capacity and reduced future costs. Local government debt, however, remains comparatively high. The state's prudent financial practices are underscored, benefiting taxpayers and indicating a healthy fiscal future.

Extending State Group Insurance to the Florida College System

/ Categories: Research, Blog

Serving as the eyes and ears of Florida taxpayers, Florida TaxWatch annually reviews the state budget to prepare its Budget Guide, showing how hard-earned taxpayer dollars are spent. This year, consistent with a recommendation by Florida TaxWatch, line item 2923 of the 500-page General Appropriations Act appropriates $500,000 in nonrecurring funds to the Department of Management Services to contract for a comprehensive analysis to determine the fiscal impact and feasibility of extending the State Group Insurance Program (SGIP) to employees of the Florida College System.

 

Revisiting Housing Affordability in Florida - SB 102 Offers Good Solutions

/ Categories: Research, Blog

As Florida continues to grow, we must ensure that our state remains affordable for people to live, work, and play. Florida’s current population boom saw the state increase its population by nearly 15 percent between 2010 and 2020. The state added a little less than three million residents in under a decade. Florida is currently the fastest growing state in the nation, and we should increase our housing stock to meet these population pressures. 

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