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.
This Budget Watch analyzes Governor Scott’s FY2015-16 budget recommendations.
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.
A new national report ranking Florida’s business climate as 5th best in the nation highlights the state’s strengths but may overstate the attractiveness of Florida’s tax system, according to this report. The ranking is from the Tax Foundation’s 2015 Business Tax Climate Index, an annual publication that analyzes how tax structures compare across states.
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.
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