Capital Soup

Florida News Straight From the Source

You are here: Home / Archives for Business

Business

PSC Reduces Florida Power & Light Customer Bills

Posted on

The Florida Public Service Commission (PSC) voted to reduce bills for Florida Power & Light Company (FPL) customers today, approving reductions to its 2018 capacity and environmental cost recovery rate components to comply with the 2017 Tax Cut and Jobs Act.

As a result of the Act, which lowered the corporate federal income tax rate from 35 percent to 21 percent, some of FPL’s projected costs are now overstated. The PSC uses “mid-course corrections” to revise recovery rates when a deviation from expected costs warrants it. FPL’s capacity cost recovery component will be reduced by $0.23 per month, and its environmental cost recovery factor will decrease by $0.36 per month for a typical residential customer.

[Read more…] about PSC Reduces Florida Power & Light Customer Bills

Business Leaders to Discuss Florida’s Workforce Needs

Posted on

Florida 2030 Project recommendations on workforce to
be released at Learners to Earners Workforce Summit

The Florida Chamber Foundation will hold their annual Learners to Earners Workforce Summit June 12-13 to tackle conversations on workforce needs facing Florida between now and 2030.

This day-and-a-half event will consist of:

June 12
Florida 2030 Research Recommendations Released

Join us as we release the Talent Supply & Education portion of the Florida 2030 Report and cover what more than 10,000 Floridians in each of Florida’s 67 counties had to say about the future of work.

[Read more…] about Business Leaders to Discuss Florida’s Workforce Needs

Gov. Scott: Businesses Continue to Create Thousands of Jobs for Floridians

Posted on

Governor Rick Scott announced that Florida businesses have created 1,516,900 jobs since December 2010, including 8,300 private-sector jobs in April and 170,400 in the last year. Florida’s annual job growth rate of 2.3 percent continues to exceed the nation’s rate of 1.8 percent. Florida’s annual job growth rate has outpaced the nation for 72 of the past 73 months. The only month that Florida did not exceed the nation was due to Hurricane Irma. The Governor made the announcement today at El Meson in Orlando, a restaurant with four locations in Florida and 37 in Puerto Rico. The Governor visited the restaurant during his fifth trip to Puerto Rico.

[Read more…] about Gov. Scott: Businesses Continue to Create Thousands of Jobs for Floridians

CFO Jimmy Patronis: Reduction of Workers’ Comp Rates Could Save Florida Businesses More Than $79 Million

Posted on

Florida Chief Financial Officer (CFO) Jimmy Patronis today released the following statement on the Office of Insurance Regulation’s (OIR) approval of a 1.8 percent decrease in workers’ compensation insurance rates for Florida businesses. The National Council on Compensation Insurance (NCCI) submitted the rate reduction request because of the federal Tax Cuts and Jobs Act of 2017.

“My office estimates that the 1.8 percent decrease could be a savings of $79.5 million and is a good move that will help further reduce cost burdens on Florida businesses. The estimated $79.5 million is a significant savings for our business community who support local economies, employ our neighbors, and give back to our communities. We must continue to do all we can to support and fuel Florida businesses, the backbone of our economy.”

Gov. Scott: Florida Businesses Created More Than One and a Half Million Jobs Since December 2010

Posted on

Governor Rick Scott today announced that Florida businesses have created more than 1.5 million jobs since December 2010, including 12,500 private-sector jobs in March and more than 167,000 in the past year. Governor Scott made the announcement at VOXX International in Orlando, which moved its state-of-the-art manufacturing facility to Orlando in 2015.

Governor Scott said, “When I took office, I made it my number one mission to make Florida the best place in the world for job creation. I’m proud to announce today that Florida has achieved another incredible milestone – 1.5 million private-sector jobs have been created since December 2010. This incredible turnaround should serve as a blueprint for the rest of the country. If you cut taxes, eliminate burdensome regulation and invest in the priorities that matter most to families, like education, job creators respond by growing and creating jobs. Congratulations to every business who has chosen Florida as the best place to create jobs.”

Florida’s annual job growth rate of 2.3 percent continues to exceed the nation’s rate of 1.8 percent. Florida’s annual job growth rate has outpaced the nation for 71 of the past 72 months. The only month in which Florida did not exceed the nation was a result of Hurricane Irma.

As of March, Florida’s unemployment rate remains low at 3.9 percent, a drop of 6.9 percentage points since December 2010; this drop is faster than the national decline of 5.2 percentage points. In the past year, 132,000 people entered Florida’s labor force, a growth of 1.3 percent, which is greater than the national labor force growth rate of 1.0 percent.

Cissy Proctor, Executive Director of the Florida Department of Economic Opportunity, said, “Since December 2010, businesses have created more than 1.5 million jobs for Floridians and their families. This tremendous growth demonstrates Florida businesses’ confidence in our economy and our talented workforce.”

Other positive economic indicators include:

  • Private-sector industries gaining the most jobs over-the-year were:
    • Professional and business services with 38,100 new jobs;
    • Leisure and hospitality with 32,300 new jobs;
    • Construction with 31,600 new jobs;
    • Education and health services with 21,200 new jobs; and
    • Financial activities with 15,600 new jobs.
  • Florida job postings showed 255,327 openings in March 2018.

To view the March 2018 employment data, click here.

Gov. Scott: Low Tax Opportunity Zones in every county will keep Florida’s booming economy growing

Posted on

Governor Rick Scott today announced his recommendation to designate 427 communities across every Florida county as Low Tax Opportunity Zones. Low Tax Opportunity Zones, as established in the federal Tax Cut and Jobs Act of 2017, encourage long-term investment and job creation in targeted communities by reducing taxes for many job creators. Low Tax Opportunity Zones enhance local communities’ ability to attract businesses, developers and financial institutions to invest in targeted areas by allowing investors to defer capital gains taxes through investments in federally established Opportunity Funds.

Governor Scott said, “Today, I am proud to put forth my recommendations for 427 communities across every county in Florida to be designated as Low Tax Opportunity Zones. These Zones will make a real and lasting difference in some of our highest-need areas by helping to bring new capital investment and more jobs to every county across the state. They will also bring additional investment to rural communities and urban areas, ensuring that every Floridian has the chance to live the American Dream in the Sunshine State.

“In the four years before I took office, Florida lost more than 800,000 jobs, taxes increased by more than $2 billion, debt was skyrocketing and the economy was in ruins. When I became Governor, I promised the families of our state that I would spend every day fighting to grow Florida’s economy, and over the past seven years, we have seen firsthand the huge success that comes with creating an environment where business can grow and create opportunities. Today, thanks to our hard work to cut taxes and reduce burdensome regulations, Florida businesses have created nearly 1.5 million private-sector jobs and unemployment has dropped in every Florida county – but our work isn’t over. Florida must continue to maximize every opportunity to keep growing our booming economy and ensure every family can succeed in our state.”

Cissy Proctor, Executive Director of the Florida Department of Economic Opportunity, said, “The new Opportunity Zone program will bring the chance for growth home to hundreds of communities from the Panhandle to the Keys. This program will help capitalize on economic development that is already underway and provide a new tool in the toolbox for communities that are looking to grow their economy.”

The evaluation process included statistical analysis of poverty rates, population, unemployment rates and other economic indicators, along with assessing recommendations from more than 1,200 requests. These specific requests came from municipal and county governments, regional planning councils, nonprofits, developers, investors and more.

The U.S. Department of the Treasury has 30 days to certify each state’s recommendations. After the Zones are approved, the federal government will begin the rulemaking process to designate how Opportunity Funds are created and how businesses, developers and financial institutions can invest in qualified Zones.

The full list of census tracts nominated as Opportunity Zones can be found HERE. Governor Scott’s letter to U.S. Treasury requesting the designated zones can be found HERE. An FAQ on the Opportunity Zone program can be found HERE.

CFO Jimmy Patronis: President Trump’s Tax Cuts Make it Possible to Phase Out State Business Tax & Attract More Companies to Florida

Posted on

Florida Chief Financial Officer (CFO) Jimmy Patronis today released the following statement on his office’s continued analysis of President Trump’s tax cuts and how they will make it possible to phase out Florida’s corporate income tax because of expected increased revenue to the state through the Tax Cuts and Jobs Act of 2017.

CFO Jimmy Patronis said, “An analysis of President Trump’s tax cut shows that because of the way Florida’s tax code is written, businesses are expected to pay an estimated 13 percent more to the state in taxes over the next 10 years. Some of that increase is because the federal tax law got rid of corporate deductions and expanded the tax base while lowering the overall rate, which means Florida businesses will have higher ‘federal taxable income’ subject to state taxation. That 13 percent equates to an estimated $313 million increase in tax base for the state over 10 years, which paves the way for us to begin phasing out our business tax in Florida.

“One public study on the effects of the Trump tax cut shows that while Florida businesses would pay 13 percent more, our number one competitor for jobs – Texas – would have no similar increase in business taxes. This could put our state at a competitive disadvantage as we try to build off of Governor Scott’s success in making our state a top choice for businesses looking to relocate. We know many businesses are examining the tax climate in Florida and other states right now, as they plan to take advantage of President Trump’s new policy of a one-time tax assessment for companies who return off-shore revenue back to America.

“As businesses pay the state more in taxes, Florida is able to lower our tax rate accordingly. I have asked my staff to develop a plan that would strategically roll back our business tax over the next several years so it can eventually be eliminated, while finding a way to continue to support charter schools that are currently funded from corporate tax scholarships. We must work quickly to cut our business tax and make Florida the most competitive state in the nation for business growth and job creation.”

A copy of the study can be found here.

Gov. Scott: Florida Businesses Created More Than 25,000 Private-Sector Jobs in February

Posted on

Governor Rick Scott announced that Florida businesses created more than 25,000 private-sector jobs in February. Since December 2010, Florida businesses have created nearly 1.5 million jobs. Florida’s annual job growth rate of 2.2 percent continues to exceed the nation’s rate of 1.8 percent. Florida’s annual job growth rate has exceeded the nation’s rate for 70 of the past 71 months. The only month that Florida did not exceed the nation was a result of Hurricane Irma. Governor Scott made the announcement at the groundbreaking ceremony for a new development project in downtown Ocala, which will include a new Hilton Garden Inn, apartment complex and restaurants. This project will also create more than 280 jobs for Ocala families and help bring more visitors to Central Florida.

Governor Scott said, “I am proud to announce that Florida businesses created more than 25,000 new jobs last month, which means thousands of more opportunities are available for Floridians. Earlier this month, we concluded the 2018 legislative session by securing major initiatives that will help ensure this economic growth continues in Florida for years to come. This includes cutting taxes by nearly $550 million and ensuring Floridians have the opportunity to make it harder for politicians to raise taxes with a constitutional amendment on the November ballot. I am proud of the work we have done to encourage job growth, and we will not stop working until Florida is the best place in the nation to succeed.”

As of February, Florida’s unemployment rate remains low at 3.9 percent, a drop of 6.9 percentage points since December 2010. This drop is faster than the national decline of 5.2 percentage points. In the last year, 136,000 people entered Florida’s labor force, a growth of 1.4 percent, which is greater than the national labor force growth rate of 1.2 percent, and shows more Floridians are looking for and finding jobs across the state.

Cissy Proctor, Executive Director of the Florida Department of Economic Opportunity, said, “We are proud that businesses are continuing to create jobs in Florida, and that our state’s unemployment rate remains low at 3.9 percent. The nearly 1.5 million jobs created under Governor Scott’s leadership demonstrate that the Sunshine State is the best place to live the American Dream.”

Other positive economic indicators include:

  • Private-sector industries gaining the most jobs over-the-year were:
    • Professional and business services with 46,900 new jobs;
    • Construction with 31,700 new jobs;
    • Leisure and hospitality with 25,600 new jobs;
    • Education and health services with 18,500 new jobs; and
    • Financial activities with 15,300 new jobs.
  • Florida job postings showed 250,145 openings in February 2018.

To view the February 2018 employment data, click here.

Gov. Scott: Florida Businesses Created More Than 10,000 Private-Sector Jobs in January

Posted on

Governor Rick Scott today announced that Florida businesses created more than 10,000 private-sector jobs in January. Since December 2010, Florida businesses have created nearly 1.5 million jobs, which includes more than 144,000 in the last year. Florida’s annual job growth rate of 1.9 percent continues to exceed the national rate of 1.7 percent. Florida’s annual job growth rate has exceeded the nation for 69 of the past 70 months. The only month that Florida did not exceed the nation was a result of Hurricane Irma. Jobs numbers for February 2018 will be announced on March 23rd.

Governor Scott said, “I am proud to announce that Florida businesses kicked off 2018 by creating more than 10,000 new jobs for families across the state in January. Each new job means a family is able to provide for themselves and continue to succeed in our state. That is why we have worked nonstop to make Florida more business friendly by reducing burdensome regulations and cutting taxes. This includes putting a constitutional amendment on the 2018 ballot that will make it harder for politicians to raise taxes on future generations so our progress cannot be undone. We look forward to seeing the many more opportunities that will be created throughout the year as more job creators choose to grow in Florida.”

As of January, Florida’s unemployment rate is at 3.9 percent, a drop of 6.9 percentage points since December 2010. This drop is faster than the national decline of 5.2 percentage points. In the last year, 137,000 people entered Florida’s labor force, a growth of 1.4 percent, nearly one and a half times the national labor force growth rate of only 0.9 percent, which means more Floridians are choosing to look for a job across the state.

Cissy Proctor, Executive Director of the Florida Department of Economic Opportunity, said, “Florida businesses have created more than 10,000 jobs in January alone thanks to Governor Scott’s commitment to lowering taxes and business-friendly policies, which allow companies to grow and prosper in our state. I am proud of the Sunshine State’s flourishing economy, making our home the greatest place to live, work, play and raise a family.”

Other positive economic indicators include:

  • Private-sector industries gaining the most jobs over-the-year were:
    • Professional and business services with 36,000 new jobs;
    • Leisure and hospitality with 32,400 new jobs;
    • Construction with 28,600 new jobs;
    • Education and health services with 17,100 new jobs;
    • Financial activities with 15,000 new jobs;
    • Florida job postings showed 261,619 openings in January 2018; and
    • Florida’s housing market also remains strong as median home prices rose $20,000 across the state in the last year. The statewide median sales price for single-family existing homes in January 2018 was $240,000, up from the previous year’s median price of $220,000. The increase in home prices and the number of homes sold resulted in an additional $500 million in home sales, up 10.9 percent from January 2017.

To view the January 2018 employment data, click here.

Small Business Applauds Passage of Direct Primary Care

Posted on

Below is a statement from Bill Herrle, National Federation of Independent Business/Florida Executive Director, on the passage of HB 37 on Direct Primary Care:

“NFIB applauds the passage of House Bill 37, which will dramatically lower healthcare costs and improve patient outcomes across Florida.

“HB 37 opens the door for small business owners to contract directly with primary care doctors and pay a manageable monthly fee that would give their employees access to primary care. It will save small business owners in healthcare costs while allowing them to increase their benefits and connect their employees and their families with primary care services.

“Direct primary care is a disruptive innovation. It breaks the mold of the conventional healthcare delivery system and streamlines primary care delivery, allowing doctors to spend more time with patients and patients to spend less money for quality care. It makes primary care about the doctor-patient relationship.

“We thank the leadership of the Florida Legislature, Senator Tom Lee and Representative Danny Burgess for seizing this opportunity to embrace this innovative healthcare model and deliver real healthcare reform to Floridians.”

NFIB is the nation’s leading small business association, with offices in Washington, D.C., and all 50 states. Founded in 1943 as a nonprofit, nonpartisan organization, NFIB gives small and independent business owners a voice in shaping the public policy issues that affect their business. NFIB’s powerful network of grassroots activists sends their views directly to state and federal lawmakers through our unique member-only ballot, thus playing a critical role in supporting America’s free enterprise system. NFIB’s mission is to promote and protect the right of our members to own, operate and grow their businesses. More information about NFIB is available online at NFIB.com/FL.