Competitiveness? How does Florida stack up?
By George LiMieux
Florida TaxWatch’s Center for Competitive Florida recently released a study detailing how Florida ranks according to ten separate competitiveness indexes. On average, Florida ranks 12th among the 50 states, posting in the top five in half of the study’s indexes.
Why is Florida so competitive? With no personal income tax and relatively low unemployment insurance taxes, the Sunshine State remains a good place for business, even in the face of a struggling economy. Growth in international trade and availability of capital encourages companies to locate and expand here in Florida, while general hospitableness to entrepreneurs and small businesses creates a dynamic business community.
What can we improve? TaxWatch notes property tax burdens, as well as state, local sales, excise and gross receipt taxes, increase the cost of doing business in the Sunshine State. Furthermore, budget deficits faced by both state and local governments in recent years pose an ongoing risk of increased taxes and fees.
Click here to read the full report.
BOTTOM LINE:
Florida is highly competitive for businesses, but could still do more to promote the business climate. With the federal government looking to impose greater burdens on small businesses in the name of health care reform, Florida leaders will have to be even more vigilant in ensuring that Florida remains attractive to business.
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