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Scott OKs business tax cuts and rebrands unemployment comp

by John Kennedy | March 28th, 2012

Gov. Rick Scott signed legislation Wednesday that includes a host of tax cuts for businesses and rebrands the state’s financially strapped unemployment compensation system.

Scott said the four bills he signed, flanked by leaders of state business organizations, represents his “job creation and economic growth agenda.” One of the measures, (HB 7087), also doubles to $50,000 the state’s corporate income tax exemption — further shrinking a levy Scott has vowed to eliminate over the next five years.

“With this plan, our unemployment rate will continue to go down,” Scott said. “Job creators will experience tax relief. Job seekers will have a better chance to get back to work. Florida is clearly going to be the state that everyone has to compete with.”

Among the more controversial measures is the unemployment compensation bill (CS/HB 7027).  Scott and the Republican-led Legislature last year reduced the number of weeks jobless workers could receive benefits, and this year, rename the system the “reemployment assistance program.”

The legislation also cuts the tax businesses pay to cover employees in the system, saving companies an estimated $800 million over the next three years. Currently, employers were on track to pay $171-per-worker this year. The bill cuts that to $121 for each employee.

The legislation also delays Florida’s efforts to rebuild its unemployment compensation trust fund by reducing the base wage subject to the tax, and increasing the debt repayment schedule. The delay was pushed by such business groups as the Florida Chamber of Commerce, Associated Industries of Florida and the National Federation of Independent Business, which said prospects of an $817 million unemployment compensation tax increase would be tough to absorb in a still-fragile economy.

Scot acknowledged Wednesday that he was initially reluctant to embrace what amounts to the third consecutive year of delayed payments. But Scott said he eventually saw a benefit in slowing the debt payments.

“It made sense,” Scott said. “We want employers to hire more people. We have to think like they do. They’ve got to keep their costs as low as they can.”

 

 

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7 Responses to “Scott OKs business tax cuts and rebrands unemployment comp”

  1. ALLEN WEST MUST GO Says:

    52% DISAPPROVAL RATING.

    ENOUGH IS ENOUGH.

    VOTE OUT *EVERY* REPUBLICAN IN 2012!!!

    Never vote for another Republican again.

    Make sure to REGISTER EARLY THIS YEAR.

    Register early.
    Register early.
    Register early.

    Get your friends and family REGISTERED EARLY.

    Then…

    VOTE VOTE VOTE!

    It’s time to clean house both at the FEDERAL level & the STATE level.

    If they are a Republican, VOTE AGAINST!

    If they are a Democrat, VOTE FOR!

  2. Robert Annable Says:

    And our one percenter governor continues to pay back his cronies while cutting unemployment benefits for the thousands of Floridians out of work. This is the same crap we will get if one percenter Romney is elected. Sure they are like us.

  3. Scott Says:

    Leave it to a .99% to cry over his handouts being cut. The system is broken, but god forbid we try To fix it. Anyone who thinks every business in Florida is a “cronie” of the Governor is delusional.

  4. http://vertexsecurity.com/ vertexsecurity.com Says:

    I’M SORRY BUT FOR SURE IT WAS DAYS LATER THE BOY LOOKED AT THE PHOTO LINE UP THEN A MONTH LATER? HMMM, I GUESS THE REPORTERS GET THINGS TWISTED TOO… AND I THOUGHT HE SAID HE WAS 30% SURE THE DEFENDANT “LOOKED SIMILAR” TO THE PERSON NOT “WAS” THE PERSON…UMM IDK

  5. Bill Ainslie Says:

    Politicians need to stop pandering to special interest groups with these last minute tax changes.
    They have no idea how much confusion and compliance cost they create for the average business when they change all the rules for the quarter four days before the quarter ends.

  6. Photoshop CS5 Says:

    Yes all of your speaks is became true.the politicians is make some tax cuts but they increase the price why this complicated situation is get long?they starts to chaging rules before quarter ends.so politicians and governor do some action to prevent unemployment.

  7. Habilitation Electrique Says:

    The tax cuts is makes good for country’s development,but they getting interest in reduce the taxes than they won’t getting it on the unemployment,we do last time like that.there is lot of high changes in taxes now.And the unemployment benefits is must be take some steps about that.but if we want our rights back we must VOTE for choosed person.

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