Governor Rick Scott’s budget recommendations for FY2016-17 total $79.252 billion—an increase of 1.1 percent ($855.1 million) over current year spending. General Revenue (GR) spending of $29.260 billion would be an increase of 1.4 percent over the current year. The budget proposes to fund 112,823 state employee positions, 864 fewer than currently exist.
Thanksgiving for most people invokes images of family gatherings, turkey, and football. But for retailers, it invokes images of large crowds and dollar signs. Thanksgiving, Black Friday, and Cyber Monday are cash cows for businesses, particularly the retail and food industries. Those days are also important for Florida, as the state will collect a six percent sales and use tax on most of the retail goods purchased by shoppers and some grocery items, but will fail to collect lawfully owed taxes on many items purchased online during Cyber Monday.
A recent study by George Mason University’s Mercatus Center reviewed the fiscal health of the United States, breaking down each state individually for comparison across several standardized metrics. This Economic Commentary takes a look into some of these measurements, as well as examining other areas that affect Florida’s fiscal standing.
Given the diverse economic benefits provided by manufacturing, it is in the state’s best interest to continue to foster growth in this sector, and Florida lags behind compared to other Southern states. But while most Southern states provide broad tax exemptions for manufacturing equipment, Florida’s most important exemption to encourage capital investment in manufacturing will sunset in April 2017. The analysis in this report demonstrates that extending the exemption could provide a significant economic benefit to the state, and its manufacturing industry.
This quick look at taxes on candy and other treats in Florida includes a look at how Florida compares to the rest of the US.
A reduction in the BRT would be broad-based, benefiting a large number of businesses. All businesses that rent commercial real estate pay the sales tax on those rents, regardless of their profitability or financial shape. Reducing the sales tax would help be a significant help to struggling companies. It would also help new businesses, who may find that other startup costs rule out purchasing real estate as an option.
Florida has always had the reputation of being a low tax state. While this common perception is borne out by the newest available data contained in this report, the full picture is more complicated. This report provides detailed tax ranking information for Florida as compared to the rest of the nation.
Monday, April 20 Florida TaxWatch celebrates Florida Taxpayer Independence Day 2015: the day Floridians are finally earning money for themselves and 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. In 2015, for the average Florida household, paying its taxes takes 110 out of 365 days, or more than three and a half months.
As Florida House and Senate leaders prepare to negotiate the differences in their budget proposals passed last week, one potential sticking point will be tax cut packages. The latest Florida TaxWatch Budget Watch outlines the tax cut options thus far.
Easing the tax burden for Florida families and businesses would also attract business investment, create Florida jobs and grow the state’s information-based economy, according to this report, which highlights the state’s Communications Services Tax, the fourth highest in the nation.
According to this Budget Watch, lawmakers are expected to have $30.6 billion in General Revenue, plus unspent reserves, to create a state budget in 2015. An historic $30.6 billion budget would be $2.2 billion more than the current spending plan, an increase of 7.9 percent.
The Center for Government Efficiency defines government efficiency as the intersection of cost avoidance, targeted investments and effective governance, three characteristics that define the recommendations
In this report, TaxWatch examines a proposal facing the Palm Beach County Commission to allow out-of-county waste haulers to utilize their new renewable energy facility.
Florida retailers are expected to exceed 2013 holiday sales this year, according to this report; however, increased consumer spending may not benefit Florida retailers like
Floridians have another reason to be thankful this holiday season: Florida is not one of the 14 states in the nation that tax groceries. While
Florida, home to more than 1.6 million veterans, has provided a number of tax and related benefits to veterans and their families, in an effort to become the most veteran-friendly state in the nation. To celebrate Veterans Day, Florida TaxWatch compiled a list of Florida’s veteran-friendly policies.
This quick look at taxes on candy and other treats in Florida includes a look at how Florida compares to the rest of the US.
Florida lawmakers are expected to have a small budget surplus when they come to Tallahassee in 2015. State economists have predicted that funding a continuation budget next year will leave $336.2 million in available General Revenue funds. This is the fourth surplus in four years, despite being less than half of the surplus in fiscal year 2013-14.
Florida’s latest cycle of revenue and expenditure estimating conferences show that Florida is still in a healthy post-recession recovery; however, the conferences have resulted in forecasts with slightly tempered expectations. Generally, projections of revenues were reduced from the previous estimates, even though the funds are expected to continue to grow year over year.
This infographic shows job growth in Florida over the past year.
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