Tom Feeney, president and CEO of Associated Industries of Florida, today released the following statement regarding the passage of Senate Proposed Bill 7132 out of the Senate Full Appropriations Committee.
“The 15 percent performance-driven tax credit that would be eliminated on this bill, implemented in 1987, was meant to incentivize these employers to hire more Floridians and pay them a good wage – and it has worked every day since its enactment. Today, the insurance industry employs more than 180,000 Floridians across the state, 44,000 of which were added in the last three years alone.
“This proposal sends a bad message to any and all companies looking to relocate to the Sunshine State, no matter if their industry is insurance, manufacturing, medical, biotech or the like. Businesses need predictability and stability to advance their company and increase their payroll, and companies looking to make the move to another state need that level of certainty even more. With the possibility of these tax credits going away, or the domino effect this move could have on the many other tax incentives programs currently in place in Florida, we are putting the future of all business growth in Florida at risk.
“We urge lawmakers to reconsider this proposal and the impact it will have on employers and businesses all across Florida.”