Florida has 5th Best Business Climate but Florida TaxWatch Finds Room to Improve
On Wednesday, Florida TaxWatch released a report showcasing data from the Tax Foundation's 2015 Business Tax Climate Index which showed Florida had the fifth best business climate in the country, ahead of other large states.
"Florida's tax structure is one of the many factors that makes Florida a good place to do business," said Dominic Calabro, the president and CEO of Florida TaxWatch, on Monday. "However, there is always room for improvement. Instead of focusing on Florida's fifth-place ranking, policymakers should look at where they can make needed reforms to help welcome additional capital, more jobs, and further economic growth to the Sunshine State."
Floridas high ranking comes in part due to not having a state income tax but Florida TaxWatch staff insist the Sunshine State can do more by cutting sales, excise, communications and other taxes.
"Other states are taking significant steps to improve their business tax climate," said Kurt Wenner, the vice president of tax research for Florida TaxWatch. "Florida lawmakers have an opportunity to use the tax ranking information to address real tax reform in our state, such as reducing or eliminating the sales tax on commercial leases, reducing the communications services tax, eliminating the tangible personal property tax, and collecting lawfully owed sales and use taxes on Internet purchases."
The Florida TaxWatch report can be read here.
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