With the beginning of a new fiscal year as of July 1, the Florida Chamber of Commerce wants constituents to know where their state tax dollars come from as well as where they are directed.
Florida’s new budget represents the largest figure in the state’s history at $82.3 billion. Although large, the budget is considered to be a balanced one, a claim not every state can make. Steady growth has enabled the Sunshine State to make continued investments even as tax cuts have been implemented over the last half-decade.
Revenue for the Sunshine State depends largely on sales and use taxes, with well over three-quarters (77 percent) of the state’s general income deriving from sales and use tax. As for expenditures, 42 percent of funding is allotted to health and human services, and approximately 25 percent is funneled toward education.
Gov. Rick Scott, along with Florida Senate President Andy Gardiner and House Speaker Steve Crisafulli, recently issued the "2016 Florida Tax Handbook," including analysis of the fiscal impact of potential changes in the near future. [Residents can examine the manual at http://edr.state.fl.us/content/revenues/reports/tax-handbook/taxhandbook2016.pdf]
The Florida Chamber encourages citizens to learn more about the state’s business profile, competitiveness in various markets, and additional aspects affecting Florida’s future economic health. The Chamber invites the public to attend the Florida Chamber Foundation’s Future of Florida Forum on Sept. 28-30 at Orlando’s Hyatt Regency Grand Cypress.
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