The Tampa business community should be happy to hear that corporate income-tax and sales-tax collections have swelled unexpectedly, and recently analysts projected a substantial increase in Florida’s revenues over two years.
Should these revenue projections play out, newly elected Governor Ron DeSantis will have an easier time making his first budget recommendations than expected. Moreover, come spring, the Florida Legislature should have less trouble passing the 2019-2020 state budget.
For the fiscal year that began on July 1, Florida revenue collections are running $365.2m over projections. Among general revenue sources, corporate income tax and sales tax are the largest and not surprisingly they are also the two revenues that contribute the most to the projected overage. Corporate income tax was $126m over projections and sales-tax was $173.5m.
The Capitol keeps a close eye on the general revenue tax collections and projections. These revenue sources play a strategic role in funding health programs, schools, and prisons. Many organizations and institutions also watch revenues closely and the new budget once it has been passed.
Often, organizations turn to Print shops for their Copying Services to have multiple Copies of their funding requests, along with charts and other graphics to help sell their proposals.
According to analysts, the increased revenues will likely trigger refund and tax rate reduction provisions of House Bill 7093. This could mean a total corporate income tax savings of $49.9m for 2019-2020 and $12.6m in 2020-2021.
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