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Florida Chamber 139,000+ Member Businesses 3 million+ Employees 80%+ Small Businesses

Florida Taxation Issues Finance & Taxation Committee Tax & Budget Reform Commission October 4, 2007 Vicki Weber, Hopping Green & Sams P.A. Tax Consultant, Florida Chamber of Commerce. Florida Chamber 139,000+ Member Businesses 3 million+ Employees 80%+ Small Businesses.

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Florida Chamber 139,000+ Member Businesses 3 million+ Employees 80%+ Small Businesses

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  1. Florida Taxation IssuesFinance & Taxation CommitteeTax & Budget Reform CommissionOctober 4, 2007Vicki Weber, Hopping Green & Sams P.A.Tax Consultant, Florida Chamber of Commerce

  2. Florida Chamber139,000+ Member Businesses3 million+ Employees80%+ Small Businesses

  3. Member concernsTax CompetitivenessRecommendations

  4. Member Concerns: Property Tax 97% experienced tax increases81% more than 10% increase67% more than 20% increase85% tax growing faster than revenues

  5. Member Reactions to Tax IncreasesReduce employee benefits (health care)Cut inventory or cut or freeze hiringRaise prices/lower profitsShelve expansion plansDecrease advertisingSell rental propertyLeave Florida

  6. Member RequestsHalt rate of tax/spending increasesFix inequities across taxpayersAddress unpredictability of taxesMake assessments more consistent with income that can be earned on propertyAddress SOH lock inAddress shifting of tax burdens

  7. COST Report on Business TaxesCouncil on State TaxationNon-profit trade association550 multi-state corporate membersFounded by Council State Chambers Florida Chamber of Commerce MemberE&Y “Total State and Local Business Taxes”

  8. COST ReportWhat are total taxes business pays the state?How are current state and local business taxes affecting the state’s economic competitiveness?

  9. Business Taxes as % of Private Sector GSPFY 2005 Florida 5.4%Georgia 4.0%Alabama 4.2%South Carolina 4.4%North Carolina 3.7%U.S. Average 4.8%

  10. E & Y Report “Property Taxes on Business Capital”Competitiveness Index—Measures property tax relative to estimated net stock of business structures and equipment.

  11. Competitiveness IndexFlorida 1.02Georgia .90Alabama .61South Carolina 1.27North Carolina .72U.S. Average 1.00

  12. RecommendationsComprehensive property tax reform Property Taxpayer Bill of RightsSupport streamlined sales taxNo automatic sales or services tax

  13. Property Tax Affordability* Reasonable statutory rate caps for across-the-board relief.*Address SOH re-distribution and “lock-in” problems.

  14. Property Tax AffordabilityAddress “highest and best use” valuation standard so property owners are not subject to taxes that are grossly disproportionate to income that can be earned on the property.

  15. Property Tax Affordability/SimplicityProvide relief to business/rental property owners by providing exemption for tax on tangible personal property.

  16. Property Taxpayer Bill of Rights Presumption of Correctness Burden of Proof Uniformity in Assessment Criteria Value Adjustment Board Improvements Interest on Overpayments Attorneys Fees

  17. Streamlined Sales Tax Project Florida should become a full member of the Streamlined Sales Tax Project and encourage the Florida Legislature and Congress to approve necessary implementing legislation.

  18. Expansion of the Sales Tax Base No objection to reviewing exemptions and exclusions from tax Crossroads Study encouraged broad base and low rate

  19. Concerns Related to Expansion of the Sales Tax Base: Automatic Taxation Taxation of Business Inputs

  20. Thank you for your service to Florida.

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