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General Revenue Estimates for the Current Budget Year Reduced by $3.4 Billion

Budget & Appropriations, Research
/ Budget & Appropriations, Research / 3 minutes of reading

After 128 months of economic expansion through February 2020, the global coronavirus pandemic brought on the largest post-war contraction in U.S. history. With the resulting closure or slowdown of businesses, record unemployment, and a loss of tourism, Florida’s economy is suffering. The impact on government revenue has been and will continue to be profound. The General Revenue Estimating Conference met on August 14 and reduced the revenue projections by $3.420 billion in the current budget year and $1.994 billion in FY2021-22. This follows news that actual collections in FY2019-20 fell $1.9 billion short of the estimate. 

Florida TaxWatch News Clips (June 15 – 30)

In the News
/ In the News / 11 minutes of reading

Florida TaxWatch is constantly looking to spread the word about our research, recommendations, and programs, all in pursuit of serving each and every taxpayer in Florida. Below is just a selection of where we’ve popped up in the last few weeks!

Florida TaxWatch In the News (June 1 – 15)

In the News
/ In the News / 6 minutes of reading

Florida TaxWatch is constantly looking to spread the word about our research, recommendations, and programs, all in pursuit of serving each and every taxpayer in Florida. Below is just a selection of where we’ve popped up in the last few weeks!

The Importance of the Clean Waterways Act

Blog
/ Blog / 5 minutes of reading

In the 2020 legislative session, SB 712 (The Clean Waterways Act) was passed outlining protection to much of Florida’s vast water resources, including implementing Florida TaxWatch recommendations for the Blue-Green Algae Task Force. Water is Florida’s most valuable resource, providing many environmental, economic, and recreational benefits the public. With more than 7,700 lakes, 10,550 miles of rivers, more than 1,000 springs, and 2,276 miles of tidal shoreline, it is a staple of Florida’s identity and one of the key reasons so many people visit the Sunshine State.  The Clean Waterways Act addresses several environmental issues, including several provisions focused on water quality improvement and oversight.

Florida TaxWatch In the News (April)

In the News
/ In the News / 7 minutes of reading

Florida TaxWatch is constantly looking to spread the word about our research, recommendations, and programs, all in pursuit of serving each and every taxpayer in Florida. Below is just a selection of where we’ve popped up in the last few weeks!

Session Spotlight – Provisions in the House Tax Package & Corresponding Senate Legislation

Research, Taxes
/ Research, Taxes / 1 minute of reading

It appears the 2020 Legislature will cut taxes again. As has been a recent practice, the House Ways & Means Committee developed a package of tax cuts and other tax-related provisions, while the Senate has moved individual tax bills through committee. We likely will not see the Senate’s full tax proposal until the House bill (HB 7097) reaches the Senate floor and it offers an amendment. 

Budget Watch – Outlook Assumes Legislature Will Sweep Trust Funds

Budget & Appropriations, Research
/ Budget & Appropriations, Research / 2 minutes of reading

Florida’s state forecasters estimate that the 2019 Legislature will have a $223.4 million budget surplus when it puts together the state’s new spending plan for FY 2019-20. However, this assumes the Legislature will transfer nearly $400 million from trust funds—money earmarked by law for specific uses—into the General Revenue (GR) Fund.

Drop the lawsuits and let Brightline roll

Op-Eds
/ Op-Eds / 3 minutes of reading

Florida needs projects like Brightline, projects that meet public needs using private dollars. Brightline is part of a larger statewide strategy to reduce congestion on Florida’s highways and increase the mobility of business travelers, Florida residents and tourists.

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