Independent Economic Analysis of Florida’s Energy Bill Proves Legislation Will Create Jobs and Result in a Net Gain in Tax Revenue
Florida Department of Agriculture and Consumer Services Releases Report as Governor Scott Reviews HB 7117
Tallahassee, FL – The Florida Department of Agriculture and Consumer Services released today the “Impact of Proposed Energy Tax Legislation for Florida,” an independent economic analysis of Florida’s Energy Bill, HB 7117.
Based on a review of the legislative measures, particularly the Renewable Energy Technologies Sales Tax Exemption, the Renewable Energy Technologies Investment Corporate Income Tax Credit and the Renewable Energy Production Corporate Income Tax Credit, the analysis finds that the bill will generate $143.5 million in new tax revenue and create more than 3,000 jobs for Floridians.
“The combination of these incentives are projected to generate an annual average of $28.7 million in new tax revenue over the fiscal year 2012-2016 and support as many as 3,350 new jobs in all sectors of the Florida economy by 2017,” said John Urbanchuk, Technical Director – Environmental Economics of Cardno ENTRIX.
“Not only does increased investment in the form of new capital expenditures generate new economic activity, this investment increases the size, and presumably the quality, of the capital stock resulting in additional growth in real output in all sectors of the Florida economy.”
The report’s findings also reveal the bill’s incentives will:
· Account for nearly $400 million of GDP for Florida by 2017
· Put an additional $874 million in the pockets of Floridians over the five-year implementation period
· Support as many as 3,850 jobs in all sectors of the Florida economy by 2017
· Generate an additional $28.7 million in new tax revenue annually for the Florida Treasury over the five-year implementation period. The revenues generated by the incentives are projected to break even and exceed the costs by FY 2013-14
HB 7117 was passed with overwhelming bipartisan support in the Florida Legislature. The bill is currently on the Governor’s desk for signature.Tweet