JACKSONVILLE, Fla. – Gov. Rick Scott is traveling Florida this week to promote his $1 billion tax cut proposal, which is mostly targeted at businesses. Wednesday morning, Scott pitched the plan at Mac Papers on Jacksonville's Southside.
"So we've got to figure out how we're going to diversify our economy, how we can help our small businesses and how we can get more jobs," Scott told those gathered. "If we put money back in taxpayers hands, they'll build business; they'll create jobs; they'll diversify the economy."
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Scott is recommending the hefty tax cut despite signs that the Republican-controlled Florida Legislature will resist going along with such a large tax cut package. Scott, however, will argue that the dramatic tax cuts will help the state's economy withstand the next downturn.
Industry leaders applaud Scott's plan.
"We applaud Gov. Scott for his $1 billion tax cut plan that will help grow small businesses and diversify our economy here in the Sunshine State," said Tom Feeney, president and CEO of Associated Industries of Florida.
Scott, who has consistently called for tax cuts since taking office, has been blocked by a recalcitrant Legislature. That's because the size of Scott's tax cuts have either required sizable spending budget cuts or been aimed at businesses instead of consumers.
Earlier this year, Scott asked lawmakers to set aside $85 million for business incentives. The final budget for the fiscal year that started July 1 included $53 million -- $43 million for incentives and $10 million for marketing -- for Enterprise Florida.
Scott, who has said he intends to ask lawmakers for a larger tax-cut package in 2016 than the $673 million he sought this year, is seeking the $250 million to replace the Quick Action Closing Fund, which he claims is "nearly bankrupt."
Scott also wants the House speaker and Senate president to be able to sign off on deals that top $1 million, instead of waiting for the Joint Legislative Budget Commission's approval as now required.
And Scott is asking lawmakers to create a trust fund that would keep designated incentive money in the state treasury until companies reach job-creation goals. Currently, money that the state promises to businesses relocating to Florida or expanding in the state is placed into low-yield commercial escrow accounts. Payouts are made when promised new jobs and economic-development performance measures are met.