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

Download the Recommendations

Other Resources

Florida Disaster.biz
FEMA
Florida Department of Financial Services
Florida SBDC
Disaster Contractors Network
Florida Disaster Fund

Florida TaxWatch Statement on Hurricane Ian Recovery

Community Involvement

/ Categories: Research, Economic Development, Transportation

INTERNATIONAL TRADE AS A CATALYST FOR FLORIDA’S ECONOMY

Critical for Florida’s continued innovation, growth, and diversification, international trade must be a key priority in the dynamic post-pandemic economy. Despite facing significant headwinds in recent years, Florida will continue to serve as a global trading hub, leveraging its multimodal transportation network, advanced manufacturing capabilities, and unparalleled access to markets in Latin America and the Caribbean. Yet the combination of localized lockdowns, supply chain disruptions, and geopolitical conflicts around the world speak to ongoing uncertainties and underscore an urgency for adequate resiliency. Florida can take proactive steps to improve resiliency against unforeseen disruptions while also catalyzing future economic prosperity through international trade.

Between 2010 and 2019—in the lead up to the COVID-19 pandemic—Florida’s total international trade grew in value from $111.6 billion to $137.7 billion (See Figure 1) as the global economy expanded value chains following the Great Recession but also wrestled with several structural and cyclical factors that led to trade slowdowns mid-decade. As Florida and the rest of the world entered 2020, the COVID-19 pandemic brought global trade to a near standstill. Despite the considerable decline, trade came roaring back in 2021—a testament to Florida’s “open for business” strategy and a general easing in some pandemic pressures. By the end of 2021, total trade eclipsed $149.1 billion (higher than pre-pandemic levels), and Florida-based exports reached $55.5 billion. For comparison, pre-pandemic Florida-based exports were $55.9 billion in 2019.

Looking ahead to the remainder of 2022, Florida’s monthly exports appear poised to steadily grow. Based on Florida TaxWatch forecasts, monthly exports are anticipated to average $5.6 billion through the rest of 2022 (See Figure 2). For Florida to continue capturing the economic benefits that accrue from international trade, the state must pursue several strategies, including but not limited to: manufacturing more in the state; improving supply chain resiliency through tools like Connex Florida; boosting Florida-origin exports; and expanding trade opportunities with international partners in Latin America, the Caribbean, and emerging markets.

Entering 2022, global trade was forecasted to rise by 4.7 percent year-over-year; however, due to geopolitical tensions in eastern Europe and escalating commodity prices, the World Trade Organization (WTO) lowered growth predictions to 3.0 percent.  Despite the downside risk in parts of the world, international trade opportunities for Florida are forecasted to rise throughout the year, reflecting the advantages of an “open-for-work” strategy, strengthening the manufacturing sector, and burgeoning consumer demand. For Florida’s long-term future, taking proactive steps to invest in the state’s manufacturing sector, supply chain resiliency,  export capacity, and trade opportunities with partners in Latin America and the Caribbean are among some of the various strategies that will generate benefits for Florida businesses and families.

 

Documents to download

  • May-22-EC(.pdf, 1.63 MB) - 1709 download(s)

Print
4324 Rate this article:
No rating

x