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.”

The Republican-dominated House beat back Democratic attempts at weakening a tough new rewrite of Florida’s unemployment compensation laws.

The legislation (CS/HB 7005) cuts eligibility for Florida’s jobless and makes it tougher to claim benefits.

“It’s designed to balance the needs of the employer and the unemployed,” said Rep. Doug Holder, R-Sarasota, whose Economic Development and Tourism subcommittee crafted the bill.

But Democrats said the measure effectively is a handout to businesses that could hurt the economy by barring out-of-work Floridians from drawing needed cash, and might even spike the state’s already sky-high foreclosure rate.

“I’d suggest we strike the balance in favor of Floridians and not in favor of out-of-state corporations,” said Rep. Scott Randolph, D-Orlando.

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With a stroke of his pen, Gov. Charlie Crist just accomplished what lawmakers refused to do earlier this year – give long-time jobless Floridians the ability to get extended unemployment compensation benefits approved by Congress yesterday.

Democratic lawmakers, including Palm Beach County’s Sen. Dave Aronberg of Greenacres and Rep. Kevin Rader of Boyton Beach, were among those who pushed their colleagues to extend the June 5 deadline for the benefits during the regular session that ended in May. That didn’t happen.

Sen. Dan Gelber, D-Miami Beach, worked behind-the-scenes with Crist on the executive order granting the benefits to about 100,000 Floridians whose unemployment benefits have run out and others whose benefits will dry up before Congress’ reauthorization ends.

“Unemployed Floridians are struggling in this challenging economic climate, trying to figure out how to pay their bills and support their families. We simply cannot desert the 250,000 Floridians who qualify for the extended federal assistance signed into law yesterday. I am committed to exercising my Constitutional duty to authorize the use of available federal funds to help out-of-work Floridians who qualify for this help,” Crist wrote in a release this afternoon.

Congress initially established the extended benefits program in 2008 to provide federal funds for jobless workers who exhausted their state unemployment benefits. Congress has since reauthorized the program several times.