Florida TaxWatch, a non-profit, non-partisan research institute, in advance of the Florida Jobs Summit on January 15th, has made a number of recommendations aimed at increasing economic growth and job creation in Florida.
The report, entitled “Recommendations for Boosting Investment, Economic Growth and Job creation in Florida” makes specific recommendations around several pillars of economic growth, namely, human capital; state and local fiscal policies; clusters; migration and industrial structure.
Recognizing that the Florida economy is still contracting, though the rate of decline has diminished substantially, the report argues that in the near-term, the state’s recovery will lag behind the rest of the nation’s.
Regarding human capital development, the report calls for an increase in incentives and investment in science, technology, engineering and mathematics education, as well as, work force skills, among other actions.
Recommendations in relation to state and local fiscal policies suggest the implementation of an optional single sales factor corporate income tax base; a review of all statutes, rules and policies that impede and inhibit the expansion of Florida’s agri-business; increased bank lending to small business by allowing private equity funds to invest in troubled banks; stamping out corruption in the public and private sectors; and sales taxation of Internet/electronic/mail order commerce sales, among other measures.
The report also recommends that Florida evaluates its current marketing plan for conventions, visitors and tourism, and implement the necessary changes with appropriate funding to make the state once more, a highly desirable destination, as in the past.
