For Taxpayers' Sake Keep Eye on Business Breaks
Give Gov. Rick Scott credit for trying to convince businesses to relocate to Florida. If he wants to turn that sales pitch into a lasting legacy, though, he'd better figure out how to ensure state tax incentives deliver a good bang for the buck. Mounting evidence suggests they don't.
Last fall a Sentinel examination of state records found that deals expected to generate 224,286 new jobs over a 16-year period instead only created 73,669 jobs. Six companies that were paid $37.9 million never created any jobs.
Add now, too, Florida has fared poorly in a new Pew Center on the States study, "Evidence Counts," which ranks how well states evaluate and account for their economic development tax incentives. In fact, Florida placed in the bottom tier of states for not reviewing all major tax incentives or failing to use key data to make informed policy choices.
Read the full article at orlandosentinel.com.