REPORT AND RECOMMENDATIONS OF THE FLORIDA TANGIBLE PERSONAL PROPERTY TAX TASK FORCE

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1 REPORT AND RECOMMENDATIONS OF THE FLORIDA TANGIBLE PERSONAL PROPERTY TAX TASK FORCE November 2011

2 ReportandRecommendationsoftheFlorida TangiblePersonalPropertyTaxTaskForce Theadvaloremtaxationoftangiblepersonalproperty(TPP)inFloridaraisesapproximately$1.8 billionforcounties,cities,schoolsandspecialdistricts.itisarelativelysmallpartofflorida s $25billionpropertytaxsystem,butitplaysanimportantroleinmanylocalgovernments financialstructure,especiallysmallcountieswheretppcomprisesasignificantportionofthe taxroll. However,manybelievethatthetaxiscostlyforFloridabusinessestocomplywithandfor governmenttoadminister,thatthereisalackofuniformitytoitsapplicationtotaxpayersin differentareasofthestate,andthatthecurrentsystemallowsforsignificanttaxavoidance. Andperhapsmostimportantly,thereisaperceptionthatthetaxstandsasanimpedimentto capitalformationandjobcreationinourstate. AspartofhisfocusonjobcreationandenhancementofFlorida scompetitiveness,governor RickScottwantedtoexaminetangiblepersonalpropertytaxationinFlorida,focusingon whetherareductionoreliminationofthetaxcouldprovideaboosttoeconomicdevelopment. HeaskedformerstatesenatorandSarasotarealestatedeveloperPatNealtoleadtheeffort andaskedfloridataxwatchtocarryouttheresearch. Tothisend,FloridaTaxWatch,undertheguidanceofChairmanNeal,formedtheFlorida TangiblePersonalPropertyTaskForce.Thetaskforceiscomprisedofbusinessleaders, propertyappraisers,andtaxpractitioners.themissionofthetaskforcewastoexaminetpp taxationinflorida,issueareport,andmakerecommendationstothegovernorandtheflorida Legislature. ThisisthefinalreportoftheFloridaTangiblePersonalPropertyTaskForce.Itwaspresentedto thegovernoronseptember2,2011.(postscript:onoctober12,2011,thegovernorreleased his2012jobcreationandeconomicgrowthagendawhichrecommendsthatthelegislatureplace aconstitutionalamendmentontheballotthatwillcompletelyexemptanybusinesswithless than$50,000intangiblepersonalpropertyfrompayingtpptaxes.)

3 ExecutiveSummary Theadvaloremtaxationoftangiblepersonalproperty(TPP)inFloridaraisesapproximately$1.8 billionforcounties,cities,schoolsandspecialdistricts.itisarelativelysmallpartofflorida s $25billionpropertytaxsystem(7.5percent),butitplaysanimportantroleinmanylocal governments financialstructure. ManybelievethatthetaxiscostlyforFloridabusinessestocomplywithandforgovernmentto administer,thatthereisalackofuniformitytoitsapplicationtotaxpayersindifferentareasof thestate,andthatthecurrentsystemallowsforsignificanttaxavoidance.whiletheseare importantissues,thefocusofthisreportiswhetherthetaxstandsasanimpedimenttocapital formationandjobcreationinourstateoriftherepealorreductionofthetaxwouldspur economicdevelopment. ThereareamultitudeofvariationsonhowstatestaxTPP.Fourteenstatesatleastsubstantially exemptbusinesspropertyfromtaxation.nosoutheasternstateexemptstpp,indicatingan exemptioncouldbeanincentiveforbusinessestolocateinflorida. Propertytaxesarenowbyfarbusinesses numberonetaxexpensenationwide,comprising36 percentoftotalstateandlocaltaxes.thisiseventruerinflorida,whichhasthefourthhighest relianceonpropertytaxesforitstateandlocaltaxesinthenation.further,florida sproperty taxsystemshiftsbillionsofdollarsintaxburdenfromhomesteadpropertytononhomestead property. EliminationofTPPtaxeswouldaffectlocalgovernmentsinvariouscountiesverydifferently. WhilelargercountiestendtohaveasmallerportionoftheirtaxrollscomprisedofTPP(less than5.5percentinthethreelargestcounties),smallerruralcountiesrelyheavyonthetax. Threecountieshavemorethan40%oftheirtaxbasemadeupbyTPP.Whilesomeofthe larger,moreprosperouscountiescouldprobablyabsorblosttpptaxes,itwouldcreatesome realproblemsformanysmaller,fiscallyconstrainedcounties. Inaddition,localgovernments propertytaxbaseshavealreadydeclinedby21%since2007and thestatehasalsoseenitsrevenuesshrinkforseveralyears.thelegislaturewouldhavetofind anadditional$780millioninstatemoneytoreplacethelostfundingforschools orraise taxes toavoidareductionineducationfunding. Forallthesereasons,theTaskForceconcludedthat,whilethetotalrepealoftangiblepersonal property(tpp)taxesinfloridawouldlikelycreateasignificantaddedattractionforbusinesses

4 thatareconsideringlocatinghere,thecurrentenvironmentiscertainlynotfavorablefor reducingtherevenueofschoolsandlocalgovernmentsby$1.8billion. InsteadoftryingtototallyeliminateTPPtaxesnow,thestateshouldlookatprovidingtarget economicdevelopmentexemptionsfromtpptaxesthatcanpromotecapitalinvestmentin Floridaandcreatejobs.Exemptingallmanufacturingandthestate squalifiedtargeted Industrieswouldprobablyprovidethemost bangforthebuck. Onlytencountieshavea manufacturingsharethatexceedsthreepercentoftaxablevalueandonlyfourcountieshavea targetindustryshareabovetwopercent. FloridaTaxWatchperformedeconomicsimulationmodelingoffiveTPPtaxreductionoptions. FullrepealofTPPtaxescouldcreate,dependingonhowlocalgovernmentsdealtwiththe revenueloss,asmanyas100,000totaljobsovertenyears.thelossofgovernmentjobscould reducethattotal,dependingontheextenttowhichlocalgovernmentshadtoreducespending. Narrowerexemptionsformanufacturingandthetargetindustries(boththestate squalified TargetedIndustriesandhighimpactsectors)werealsomodeled.Allofthesescenariosshowed positivegrowthinprivatesectoremploymentandgrossdomesticproduct.assumingthelikely outcomethatmostcountieswillreplacethelostrevenueofthelesscostlyexemptions, exemptingbothmanufacturingandtargetindustriesshowsthemostprivatesectorjobs,the mosttotaljobsandlargestgdpincreaseoverthetenyearperiodofthesimulation.compared tototalrepeal,thisnarrowerexemptionproducesmorejobsrelativetothesizeofthetax reduction. TheexpectationthatreducingoreliminatingTPPtaxeswouldattractmorebusinessestolocate infloridawasalsoexamined.thisisalikelyscenariosincefloridawouldbecometheonlystate inthesoutheasttoexempttpp.ifthisexemptionledtoanincreaseinfloridamanufacturing jobsofonlyonetothreepercent(3,000to9,000jobs),between88,300and220,400additional jobswouldbecreatedovertenyears.thisisbetween35,000and60,000morejobsthanwould becreatedbytheinfluxofthesamenumberofnewjobsallocatedtoallindustries(insteadof justmanufacturing). 2

5 Insummary,theFloridaTangiblePersonalPropertyTaxTaskForcerecommendsthatthe Legislature: Passajointresolutionproposingaconstitutionalamendmenttogobeforethevotersin November2012thatgivestheLegislatureflexibilityintheareaoftaxationoftangible personalproperty. Intheshortterm,createTPPtaxexemptionsforallmanufacturersandotherstate targetedindustriesandhighimpactsectors.ataminimum,thestateshouldexempt newandexpandingbusinessesintheseareas,butstrivetoprovidefullexemptionsfor thesesectors. Thelegislaturecouldallowforlocalgovernments byreferendumto optout,or continuetotaxtpp.alternatively,thestatecouldconsiderreimbursinglocal governments particularlyfiscallyconstrainedcountiesforlostrevenue. TheLegislatureshouldsetagoaloftotaleliminationofadvaloremtaxationoftangible personalpropertyinthefuture,whenpropertyvaluesaregrowingatasignificantlevel again. 3

6 Wherethe$1.8BillioninTPPTaxesGo (million$) $ % $ % $ % $ % Counties SchoolDistricts SpecialDistricts Cities Source:FloridaTaxWatch,usingdatafromtheFloridaDepartmentofRevenue,August

7 Introduction WhatisPersonalProperty? Ageneraldefinitionofpersonalpropertyispropertythatisnotattachedtothelandandcan thereforebemovedfromplacetoplace. TherearefourclassesofpersonalpropertyinFlorida 1 : Householdgoodswearingapparel,furniture,appliances,andotheritemsordinarilyfoundin thehomeandusedforthecomfortoftheownerandhisorherfamily,householdgoodsarenot heldforcommercialpurposesorresale. IntangiblePersonalProperty money,allevidencesofdebtowedtothetaxpayer,all evidencesofownershipinacorporationorotherbusinessorganizationhavingmultipleowners, andallotherformsofpropertywherevalueisbaseduponthatwhichthepropertyrepresents ratherthanitsownintrinsicvalue Inventory consistingofitemscommonlyreferredtoasgoods,wares,andmerchandisewhich areheldforsaleorleasetocustomersintheordinarycourseofbusiness TangiblePersonalProperty allgoods,chattels,andotherarticlesofvaluecapableofmanual possessionandwhosechiefvalueisintrinsictothearticleitself. Thefirstthreecategorieshouseholdgoods,inventory,andintangiblepersonalpropertyare exemptfromtaxationinflorida;onlytangiblepersonalpropertyissubjecttotaxation. WhatisTaxedasTangiblePersonalProperty? Generally,thetangiblepersonalproperty(TPP)taxispaidbybusinessesontheirmachinery, equipment,furniture,computers,signs,supplies,andothersuchproperty. Motorvehicles,boats,airplanes,trailers,trailercoaches,andmobilehomesaresubjecttoa licensetaxbutarenotsubjecttoadvaloremtaxes.mobilehomesfixedtothegroundare 1 5

8 treatedasrealproperty.however,mobilehomesnotfixedtothegroundandnothavinga licensecanbetaxedastpp. TPPComprises7.5%ofTotalStateTaxableValue 2011 $96.8billion 7.5% $1,287billion Source:FloridaTaxWatch,usingdatafromtheFloridaDepartmentofRevenue,August2011. TheFloridaConstitutionprovidesthattheremustbeanexemptionforhouseholdgoodsofat least$1,000 2.TheFloridaStatutesprovidethathouseholdgoodsarenotTPP 3. TheFloridaConstitutionalsoprovidesthatinventory( propertyheldforsaleasstockin trade ) 4 maybeexemptortaxedataspecifiedpercentageofitsvalue.floridastatutesprovide thatinventoryisnottpp 5. 2 ArticleVII,Section3(b),FloridaConstitution 3 Section (11)(d),FloridaStatutes TangiblePersonalProperty AllProperty 6

9 TangiblePersonalPropertyTaxationinFlorida TPPtaxesareadvalorem(property)taxesleviedannuallybylocalgovernmentsandschool districtsbaseditsvalueasofjanuary1ofeachyear.itistaxedlikerealproperty,withthe FloridaConstitutionprovidingtheframeworkandthedetailsspelledoutinstatute. TheFloridaConstitutionprohibitsthestategovernmentfromlevyinganadvaloremtaxexcept onintangiblepersonalproperty. 6 Intangiblepersonalpropertytaxeswerephasedout, beginningin1998andtheannualtaxwasfinallycompletelyrepealed 7 effectivejanuary1, ThetaxablevalueofTPPisthejustvalue(fairmarketvalue)ofthepropertyadjustedforany exclusions,differentials,orexemptionsallowedbytheconstitutionandthestatutes.the Constitutionstrictlylimitsthelegislature sauthoritytoprovideexemptionsoradjustmentsto fairmarketvalue. Thetaxrateisthesamemillagerateleviedbycounties,cities,schooldistricts,andspecial districtsonrealproperty. TPPtaxpayersarerequiredtofiletaxreturnsinthecountywherethepropertyislocated,a separatereturnforeachlocationinthecounty. Annualtaxbillsar edinNovemberbasedonthepreviousJanuary1valuationand paymentisduebythefollowingmarch31.discountsaregrantedforearlypaymentandmost taxpayerspaybylatenovember. In1980,countiesandcitiesweregivenauthoritytoenactadvaloremexemptionsfornewand expandingbusinesses.theexemptionsmustbeapprovedbyreferendumofthelocalvoters. Theexemptionsexpirein10yearsunlessrenewedbyanotherreferendum. AllTPPtaxpayers(exceptmobilehomes)receivea$25,000exemptionwhichwascreatedas partofamendment1in Thereare1.24millionaccounts.Approximatelyonemillion(80 4 ArticleVII,Section4(c),FloridaConstitution 5 Section (11)(d),FloridaStatutes 6 ArticleVII,Section1(a),FloridaConstitution 7 Thereisstilla2millonetimetaxisimposedonobligationsforthepaymentofmoneysecuredbyliensonFloridareal property.thisisstillcalledtheintangiblestax. 8 Amendment1wasapprovedbythevotersin2008andprovidedtheTPPexemption,alongwithanadditionalhomestead exemption,a10%assessmentcaponnonhomesteadpropertiesandallowedtheportabilityofbenefitsearnedundersaveour Homes. 7

10 percent)aretotallyexemptbythe$25,000exemption.butwhilethegreatmajorityof businesseshavenotaxliability,theexemptionreducestotalleviesbyonlysevenpercent. TPPtaxesraised$1.8billionin2011(seechartonpage2). 120 TaxableValueofTPP (billion$) $96.3 $86.8 $88.3 $90.1 $91.9 $102.8 $106.6 $101.3$101.5 $101.1 $ Source:FloridaTaxWatch,usingdatafromtheFloridaDepartmentofRevenue,August2011. TPPhasbeenafairlystable,slowgrowingrevenuesourceovertheyears.Thetaxablevalueof TPPhasonlyincreasedby11.5percentoverthelasttenyears(seechartabove).TheFlorida DepartmentofRevenuedoesnotkeepseparatetaxlevydataforTPP,butifyouapplythe averagestatewidemillageratein2001(whichwashigherthanitisnow)tothatyear staxable value,theresultisvirtuallythesameamountoflevies$1.82billionasin2011. Asthechartbelowshows,growthinTPPismuchflatterthanthatofrealproperty.WhileTPP increased11.5percentovertenyears,thetaxablevalueofrealpropertyhasincreased75 percent.tppvaluedidnotskyrocketduringthepropertyvalueboomandthereforehasnot fallenasmuchasrealpropertyafterthebubbleburst. 8

11 GrowthinTaxableValue TangiblePersonalPropertyvs.AllProperty 140% 120% 100% 80% 60% 40% 20% 0% TPP AllProperty Source:FloridaTaxWatch,usingdatafromtheFloridaDepartmentofRevenue,August2011. TangiblePersonalPropertyTaxesinOtherStates Amongthefiftystates,thereareprobablyfiftyvariationsofhowtotaxtangiblepersonal property(tpp).statesdifferonhowtheytreatbusinessproperty,inventory,householdgoods, andmotorvehicles.therearewidelyvaryingexemptions,bothinthedollaramountof standardexemptions(suchasflorida s$25,000exemption)andindustryandpropertyspecific exemptions.somestatesgivelocaljurisdictionsmoreflexibilityinthetaxationoftpp. FloridaTaxWatchexamineddatafromthreeorganizations 9,someofitconflicting,totrytoget apictureofhowtppistreatedacrossthenation.thefocusisonbusinessproperty,whichis whatfloridataxes. 14StatesExemptTPP FourteenstatesatleastsubstantiallyexemptTPPfrompropertytaxation.Theseare: 9 InternationalAssociationofAssessingOfficers(IAAO),CCH,Inc.,andtheLincolnInstituteofLandPolicy 9

12 Delaware Maryland NorthDakota Hawaii Minnesota SouthDakota Illinois NewHampshire Ohio Iowa NewJersey Pennsylvania Maine NewYork ItshouldbenotedthatnosoutheasternstateexemptsTPP,meaninganexemptioninFlorida wouldgivethestateacompetitiveadvantageoveritsneighboringstates. 12StatesTaxInventory OneareathatFloridaexemptsalongwith38otherstatesisinventory,whichitexemptedin 1981.Twelvestatesstilltaxinventory.Theseare: Alaska Louisiana Pennsylvania Arkansas Massachusetts Texas Georgia Mississippi Wyoming Kentucky Oklahoma WestVirginia TPPTaxReliefinSelectedOtherStates ManystateshaveprovisionstoprovidenarrowerexemptionsorothermeansofTPPtaxrelief. Someexamples: Alaska allowsexemptionoftppbylocaloption Pennsylvania exemptsutilitiesandprovideseconomicdevelopmentexemptions Kansas citiesandcountiescanprovideeconomicdevelopmentexemptions RhodeIsland exemptsmanufacturers DistrictofColumbia$225,000standardexemption LikeKansas,Floridaalsoallowscitiesandcountiestoprovideeconomicdevelopment exemptionsforrealandtangiblepersonalproperty 10.However,atleastpartlybecausethereis areferendumrequirementtoapprovesuchexemptions,thiseconomicdevelopmenttoolisnot 10 ArticleVII,Section(3)(c),FloridaConstitution 10

13 widelyused.localgovernmentsinfifteencountiesprovideexemptionsworthapproximately onehalfofonepercentofthetotaltaxablevalueoftpp. SomeRecentDevelopments Inthelastdecade,severalstateshavetakensteptoeliminateorreduceTPPtaxes,including Ohio,whichisinthemiddleofaphaseoutofthetax OhiobeganaphaseoutofTPPtaxation Coloradobeganphasinginanincreasedexemption,in2015itwillbeindexedto inflation 2008 MaineexemptedTPP Indianaexemptedinventory D.C.createda$225,000exemption Floridacreateda$25,000exemption 2003 IowaexemptedTPP 2000 Montanacreated$20,000exemption 11

14 DoFloridaPropertyTaxesImpactEconomicDevelopment? Taxesarejustoneofthefactorsthatcaninfluenceacompany sdecisionaboutwhichstateto locateitsoperations.education,workforcequality,infrastructure,qualityoflife,andother factorsareallimportant.buttaxescertainlydomatter.thiscanbeespeciallytruewithtaxes thatimpactcapitalintensiveindustries.thefloridalegislaturerecognizedthisduringthe2010 SessionwhenitpassedelectiveSingleSalesFactorapportionmentofcorporateincomefortax purposesforcompaniesthatinvestover$250millioninourstate.thisincentivewasalong timerecommendationoffloridataxwatch. 11 Underthisnewlaw,aqualifyingcorporationmay choosetoapportionitsmultistateincometofloridausinga100percentsalesfactor,meaning thepercentageofitsincomeapportionedtofloridawillequalthepercentageofitssalesin Florida.ThisisanalternativetoFlorida sthreefactorformulaofsales,propertyandpayroll.by goingto100%sales,ataxdisincentivetoplacingcapitalinfloridaisremoved. Propertytaxes,particularlytangiblepersonalproperty(TPP)taxesalsoimpactcapitalintensive businesses.propertytaxesarenowbyfarbusinesses numberonetaxexpensenationwide, comprising36percentoftotalstateandlocaltaxes. 12 ThisiseventruerinFlorida,whichhas thefourthhighestrelianceonpropertytaxesforitstateandlocaltaxesinthenation(seechart onnextpage).dueinparttoanabsenceofapersonalincometax,florida sstateandlocal governmentsrelymoreheavilyonsalestaxesandpropertytaxes,withpropertytaxesbeingthe largestrevenuesource 41percentofthetotal(seetableonnextpage). ThesizeofFlorida spropertytaxburdenisalsooneofthelargestinthenation(seetableon page14).in2008(latestavailabledataforallstates),floridaranked10 th amongthe50states inpercapitapropertytaxcollections.florida spercapitaburdenof$1,632is21percenthigher thanthenationalaverage. Florida spropertytaxburdenisalsodisproportionatelybornebybusinesses.floridaproperty taxlawsfavorhomesteadresidentialpropertyoverotherpropertytypes.homestead exemptionsandthesaveourhomes 13 caponhomesteadpropertyshiftbillionsinpropertytax burdentononhomesteadproperties,includingbusinesses.thisisdiscussedlaterinthisreport (seechartonpage16).fallingpropertyvaluesinrecentyearshavediminishedthistaxshift, 11 FloridaTaxWatch, TransformingFlorida'sCorporateIncomeTaxtoEncourageCapitalFormationandJobCreation,March Ersnt&YoungandtheCouncilonStateTaxation, TotalstateandLocalBusinessTaxes, March Approvedbythevotersin1992,theconstitutionalamendmentallowstheassessmentofhomesteadpropertiestoincrease onlybythelesserof3percentorinflation. 12

15 butbothareexpectedtobeginincreasingagain 14.A10percentcapofnonhomestead propertyandthe$25,000exemptionfortppcontainedinamendment1helpbusinessasa whole,buttheadditionalhomesteadexemptionalsocontainedinthatamendmentismuch greaterthanthebusinessrelief.in2011,thehomesteadexemptionremovesmorethanfour timestheamountoftaxablevalue($84billion)fromtherollsastheothertwoprovisions combined 15. Floridahasthe4 th HighestRelianceonPropertyTaxesintheNation PercentofFlorida stotalstateandlocaltaxesbysource 3% 25% 41% 31% Property General Sales Corporate Income Other U.S.Average Property31%Sales23%PersonalIncome23%CorporateIncome4%Other19% 14 LatestresultsoftheFloridaAdValoremRevenueEstimatingConference,August3, FloridaDepartmentofRevenue,2011AmendmentIImpactReport 13

16 Source:FloridaTaxWatch,usingdatafromtheFloridaDepartmentofRevenue,August2011 TheCouncilonStateTaxation s2011propertytaxadministrationscorecardgavefloridavery highmarksforitspropertytaxlaws B+,thethirdhighestgradeinthenation.Theonlyarea inwhichfloridawasdowngradedwasinequitybetweenresidentialandbusinessproperty. 16 Florida sbusinessclimate Thereareavarietyoforganizationspublishingbusinessclimaterankings,theresultsofwhich canberatherconfusing.afloridataxwatchreport 17 foundthatamongsevendifferent indices,floridaisrankedamongboththetoptenstatesandthebottomhalfofstatesforits competitivenessnationally.thevariabilityintheserankingsiscausedbythedifferentfactorsof thebusinessclimatebeingconsideredbyeachindexandthedifferentweightsassignedto thosemeasures. Thereportfoundthatitiswelldocumentedthattherelativetaxburdenleviedonbusiness directlyaffectsthedecisionsofentrepreneurs,firms,andinvestorsonwhethertostart, relocate,orexpandwithinastate.itfurtherfoundthatfloridarankednearthebottomforits overalltaxburden(37thand41stnationallybyforbesandcnbc,respectively.eachofflorida s neighboringstateswasrankedsignificantlybetter(lesscostlytobusiness).inallindices, Florida soveralltaxburdenwasfoundtobehigher(morecostlytobusiness)thantherestof thenationanditsneighboringstates. Florida spropertytaxrankingalsocomparesunfavorablytothestate scompetitors.florida wasranked37thnationallyduetoarelativelyhigherpropertytaxburdenbytheamerican LegislativeExchangeCouncil.EventheTaxFoundation,whichrankedFlorida5 th bestintotal businessclimate(duelargelytonopersonalincometax)rankedthestate28 th forproperty taxes,whichisdownfrom18 th placefouryearsago.inallthedifferentrankings,all neighboringstateshadalowerpercapitapropertytaxburdenthanfloridaandeveryneighbor excepttexas(onerankhigher)hadalowereffectivepropertytaxrate. Onelastrankingofnote,arecentstudybyErnst&YoungshowedthatFloridahasthe27 th lowesteffectivetaxrate(alltaxes)onnewcapitalinvestmentandthe29 th lowesteffectivetax 16 CouncilonStateTaxation, TheBestandWorstofPropertyTaxAdministration, May FloridaTaxWatch,KatieFurtickandKatieHayden,StateCompetitivenessIndices&Rankings:WhatNationalRankingsTellUs aboutflorida scompetitiveness,march

17 rateoncommercialequipment.areductionintangiblepersonalpropertytaxescouldhelp lowerthoserates. 18 Relativebusinessclimaterankingsaredifficulttomeasureeffectively,asevidencedbythe disparitiesinthevariousrankings.however,onethingisclearafterreviewingthedata, Florida spropertytaxburdenonbusinessesishigherthanmoststates.thissuggeststhat exemptingtangiblepersonalpropertyfromtaxationwouldhelpremoveacompetitive disadvantagenowfacingflorida. 18 Ernst&YoungandtheCouncilonStateTaxation, Competitivenessofstateandlocalbusinesstaxesonnewinvestment, April

18 PerCapitaPropertyTaxCollections FY NewJersey $2, Washington $1,199 2 Wyoming $2, Ohio $1,178 3 Connecticut $2, Maryland $1,171 4 NewHampshire $2, NorthDakota $1,157 5 NewYork $2, Oregon $1,133 6 RhodeIsland $1, Indiana $1,089 7 Vermont $1, SouthDakota $1,072 8 Massachusetts $1, Georgia $1,063 9 Illinois $1, Arizona $1, Florida $1, Hawaii $ Maine $1, SouthCarolina $ Wisconsin $1, Missouri $ Alaska $1, NorthCarolina $ California $1, Utah $ Michigan $1, Mississippi $ Nebraska $1, Idaho $ Texas $1, Tennessee $ Virginia $1, Delaware $695 USAverage $1, WestVirginia $ Kansas $1, Kentucky $ Minnesota $1, Louisiana $ Colorado $1, Oklahoma $ Iowa $1, NewMexico $ Nevada $1, Arkansas $ Pennsylvania $1, Alabama $ Montana $1,221 Source:FloridaTaxWatch,usingdatafromtheU.S.CensusBureau,August

19 WhatistheRealFiscalImpactofTPPRepealorNewExemptions? WhenthestateRevenueEstimatingImpactConferencedevelopsafiscalimpact(changein revenues)onproposedpropertytaxchanges,theycalculatethechange simpactontaxable valueandthenapplycurrentmillagerates.theyhavetodoitthiswaybecausetheyare requiredtoassumecurrentlawandcannotpredictwhatlocalgovernmentswilldowithmillage rates.themostimportantfactordictatingtheimpacttolocalgovernmentistheannualvoteby localgovernmentsonmillagerates. Buttherealworldimpactoftaxreliefonstatewidelocalgovernmentrevenueandespecially expenditures maybefarless.taxesontangiblepersonalproperty(tpp)willraisean estimated$1.8billionin2011;however,thisdoesnotnecessarilymeanthatrepealoftpptaxes willreducelocalgovernmentspendingby$1.8billionoreventhattpptaxpayerswillsave$1.8 billion. Millageratescanbeadjusted,sopropertytaxexemptionsorassessmentcapsusuallyshifttax burdenfromoneclassoftaxpayerstootherclasses.increasedmillagerateswillevendecrease thetaxsavingsofthoseenjoyingnewexemptions.inmustberememberedthatlocal governmentsadoptnewmillagerateseachyear,andofficialscanadopttherolledbackrate withoutevenadvertisingataxincrease.therolledbackrateistheratethatwillproducethe sameamountofrevenueasthepreviousyearwhenappliedtothenewtaxroll,allowingfor growthrevenuesfromnewconstruction.forexample,sayajurisdictionhadnogrowthin propertyvaluesandanewexemptiondecreasedtotaltaxablevalue.therolledbackrate whichinthiscasewouldbehigherthanthepreviousrate couldbeadoptedtobringinthe samerevenueasthepreviousyear,plusanyrevenuesfromnewconstruction.anyupward pressureonmillageratesbroughtaboutbydecreasesintaxablevaluearealsonotaffectedby themillageratecapsenactedbythelegislaturein Itshouldbenotedthatwhilethisiseasywhenpropertyvaluesarerising,itismuchharder politicallywhenvaluesarefalling.ifthereisenoughgrowthtocovertheimpactofthe exemption,themillageratedoesnotevenhavetobeincreased.however,whenvaluesare falling astheyhaveforthepastfouryears localofficialswillgetsomeheatfromtaxpayers foranincreasedrate,evenifitistechnicallynotataxincrease. Still,intimesofrisingpropertyvaluesmanylocalgovernmentsaretypicallyabletoabsorb most,ifnotalloftheimpactsofchangesthatreducetaxablevalues.thisisnottrueformany 19 17

20 ofthestate ssmallerruralcountieswithsmalltaxrollsandalreadyhighmillagerates.thiswill bediscussedfurtherinthenextsectionofthisreport. TheSaveOurHomes(SOH)amendmentisillustrativeofhowstatewidepropertytaxrelief doesnotalwaysresultinrevenuelosstolocalgovernments.thesohdifferential the differencebetweenjust(market)valueandtheassessedvalueofhomesundersoh grew steadilyfromtheinceptionofthecapin1994andskyrocketedafter2000throughthehousing bubble(seechartbelow).thedifferentialhasbeendroppingsincethen,asthesoh recapture provision 20 hasincreasedhomesteadassessmentsdespitefallingmarketvalues.the differentialisexpectedtobegingrowingagainin2013.thedifferentialpeakedintaxyear2007 at$427.5billionintaxablevalue.thiswasworthover$7billionintaxes(basedontheaverage statewidemillageratethatyear). Save Our Homes Differential B I L L I O N $ O F J V $450 $400 $350 $300 $250 $200 $150 $100 $ $ % of Just Value % of JV 20 UnderSaveOurHomes,assessmentsonhomesteadpropertyincreasebythelesserofthreepercentorinflation,evenifthe marketvalueofthepropertydeclines,providedtheassessedvaluedoesnotexceedmarket(just)value.aproposed constitutionalamendmentcurrentlyonthenovember2012ballotcouldstopthisfromhappening. 18

21 ComparetheescalatingSOHdifferentialtopropertytaxleviesduringthattime(seechart below).fromfy2001tofy2008(taxyears2000to2007) 21,SaveOurHomesremovedmore than$1.5trillioninvaluefromthepropertytaxrolls,worthmorethan$28billionintaxes. However,duringthattimepropertytaxleviesbyalljurisdictionsinFloridaalmostdoubled, increasing$15.1billion.thelargestsingleyearincreaseinthedifferentialoccurredin2006, whenanadditional$158billioninvalue worth$2.9billionintaxes wasremovedfromthe rolls.stilllocalgovernments enjoyedtheirlargestpropertytaxrevenuesincreaseinhistory $4.7billion(18.3%). Florida Property Tax Levies B I L L I O N $ Theeffectofallthisisthatpropertytaxcutsthatreducetaxablevaluetendtoshifttaxesto othertaxpayerpopulations.moreover,totheextentthatmillageratesarehigherthanthey wouldhaveotherwisebeen,thetaxpayerstowhichtheexemptionorcapweretargeteddonot receiveallofthetaxrelieftheymightexpect.thiscertainlyhappenedundersaveourhomes 21 TaxyearsarebasedonthevalueofpropertyonJanuary1ofthatyear.Thepropertytaxesfromataxyearfundlocal governmentoperationsinthenextfiscalyear.forexample,currenttaxyear2011willfundfy201112(beginningoctober1, 2011.) 19

22 andtheincreasedhomesteadexemptionpassedin2008,asbusinessesandothernon homesteadpropertyhavehadbillionsofdollarsoftaxburdenshiftedtothem. Ofcourse,localgovernmentscanalsoincreaseotherrevenuesources,suchasimpactfees, specialassessments,licensesandpermits,andchargesforservices.localgovernmentshave beenincreasingtheirutilizationoftheserevenuesforsometime.a2006floridataxwatch reportfoundthateachoftheserevenuesourcesincreasedevenfasterthanpropertytaxesover thetenyearperiodendingin2004,withallsourcesatleastdoublingandchargesforservices tripling FloridaTaxWatch,KurtWenner, ControllingEscalatingPropertyTaxationandLocalGovernmentSpendingandRevenue:, December

23 HowWouldRepealofTPPTaxesImpactLocalGovernments? Thepropertytaxenvironmentdifferssignificantlyacrossthestate.Becausepropertyvalues andtheimpactexemptionshaveontaxrollsvarysignificantlyfromcountytocounty,the propertytaxburdenonfloridiansalsovariesgreatly.someexamples(2010): PerCapitaPropertyTaxLevies High$2,842(Monroe) Low$347(Holmes) Average$1,360 AverageTotalMillageRates High24.55(Alachua) Low10.58(Monroe) Average19.01 PerCapitaJustValue High$375,934(Monroe) Low$61,239(Jackson) Average$103,105 PerCapitaTaxableValue High$268,678(Monroe) Low$20,475(Holmes) Average$71,543 PercentofJustValuethatisTaxable High 83.6%(Walton) Low 23.2%(Union) Average 69.4% Theimpactonlocalgovernmentsofrepealingorreducingtangiblepersonalpropertywould alsovarysignificantlyfromcountytocounty. Asdiscussedintheprevioussectionofthisreport,reductionsintaxablevaluecanoftenbe absorbedbylocalgovernments,especiallyintimesofhealthypropertyvaluegrowth.however, whilestateestimatorsexpectvaluestobegintoriseagainthisyear,theforecastcallsforonly modestgrowththroughatleast2015(seechartonnextpage).theearliestrepealorreduction oftppcouldtakeeffectisintaxyear Currently,thetaxablevalueofTPPis$98.6billion ofthe$1.3trillionintotalcountytaxablevalue.growthintotalcountytaxablevaluein2013is estimatedat$60billion.by2015,annualgrowthisonlyexpectedtobe$91billion.so,growth intotalcountypropertytaxrevenueswillnotmakeiteasyforlocalgovernmentstoabsorbfull repeal. 23 TheFloridaConstitutioncurrentlydoesnotauthorizesuchexemptions.Ifthe2012Legislatureweretopassajointresolution tobringaproposedconstitutionalamendmenttotheballot,itcouldbevotedoninnovember2012,effectivejanuary1,2013. Thiswouldaffectrevenuesforthe201314localgovernmentfiscalyear,beginningOctober1,

24 Growth in County Taxable Value Statewide, Total Amount and Annual Growth B I L L I O N $ O F T V 1,800 1,600 1,400 1,200 1, ,599 1,468 1,390 1,307 1, TV of TPP - $96.8 billon Yellow numbers show growth revenues Forsomecounties,reducedtaxablevalueistoughtodealwithnomatterwhatthestateofthe economy.localgovernmentsinsomecountiesrelymuchmoreheavilyontaxesfromtppthan others.thetableonpage22showsthepercentageofcountytaxablevaluethatiscomprised oftangiblepersonalproperty.itrangesfromahighof51.76percentinhardeecountytoalow of2.78percentinmonroecounty.statewide,theportionis7.52percent.notsurprisingly, mostofthecountieswiththehighestpercentageofttptaxablevaluearesmallercounties. Withrelativelysmallpropertytaxbasesandgenerallylowerrealpropertyvalues,alargeTPP taxpayercanbeveryimportanttothesecounties. Thecountiesthatarelistedinredtypeinthetablesarethoseforwhichthecountygovernment hasalreadyreachedtheconstitutional10millcap(2010rates).theoneslistedinboldtype haveataxrateofatleast8.5mills.thetopthreecountiesareallinthesetwogroupsandtpp comprisesmorethan40percentofeachoftheirpropertytaxbases.allfiveofthe10mill countiesareamongthetenleastpopulouscounties. 22

25 Conversely,thethreemostpopulouscounties(MiamiDade,Broward,PalmBeach)havethe 56 th,57 th and58 th smallestrelianceontppfortheirtotalpropertytaxrevenue.eachcounty s percentageoftpptaxablevalueisbetween5percentand5.5percent.fiveoftenlargest countiesrankat50 th oflowerandhavetppmakinguplessthan7percentoftheirtaxrolls.all buttwo(hillsboroughandpolk)ofthetoptenmostpopulouscountieshavepercentagesless than10percent.polkcountyistheanomaly,wheretppcomprises19.73percentofthetax roll,rankingit12 th. Thenexttable(onpage23)showstheamountofeachcounty slevies(fromalljurisdictions withinthecounty)ontangiblepersonalproperty,whichproduces$1.8billionstatewide.while MiamiDadeCountycollectsapproximately$223millioninadvaloremtaxesfromtangible personalproperty,fourcountiescollectlessthan$1million. Forthehighmillagecounties,whileTPPcomprisesalargepercentageoftheirtaxbase,the dollaramountoftaxleviesisrelativelysmallwhencomparedtothe$1.8billioninproperty taxescollectedontpp.thefivecountiesatthetenmillcapcollectlessthan1percent(0.6 percent)$10.9million.thefifteencountieswithatleast8.5millscollect3.2percentofthe stateslevies$57.7million. Sowhilethetaxamountisrelativelysmall,thecountieswithalargepercentageofTPPand alreadyhighmillagerateswouldbesignificantlyadverselyaffectedbyatotaleliminationof tangiblepersonalpropertytaxes..whilesomeofthelarger,moreprosperouscountiescould probablyabsorblosttpptaxes,itwouldcreatesomerealproblemsformanysmaller,fiscally constrainedcounties. Inaddition,localgovernments propertytaxbaseshavealreadydeclinedby21%since2007 andlowgrowthisforecastfornextseveralyears.thestatehasalsoseenitsrevenuesshrink forseveralyearsandgrowthisnotexpectedtoexceedthegrowthinlarge,costlyprogramslike MedicaidandEducation.Billionsofdollarsinbudgetcutshavealreadybeenimplemented. TheLegislaturewouldhavetofindanadditional$780millioninstatemoneytoreplacethelost fundingforschools orraisetaxes toavoidareductionineducationfunding. Forallthesereasons,theTaskForceconcludedthat,whilethetotalrepealoftangiblepersonal property(tpp)taxesinfloridawouldlikelycreateasignificantaddedattractionforbusinesses thatareconsideringlocatinghere,thecurrentenvironmentiscertainlynotfavorablefor reducingtherevenueofschoolsandlocalgovernmentsby$1.8billion. 23

26 TangiblePersonalPropertyasaPercentofTotalTaxableValue 2011 County TPP/All TV % of state TPP TV Pop Rank County TPP/All TV % of state TPP TV Pop Rank 1 Hardee 51.76% 0.34% Volusia 9.45% 2.35% 11 2 Hamilton 47.05% 0.09% Wakulla 9.40% 0.11% 49 3 Liberty 41.56% 0.21% Alachua 9.17% 1.11% 23 4 Taylor 34.62% 0.42% Highlands 9.14% 1.12% 34 5 Citrus 25.60% 2.47% Duval 9.02% 0.05% 7 6 Putnam 24.24% 0.87% Sumter 9.01% 0.62% 36 7 Hendry 24.13% 0.79% Osceola 8.54% 1.47% 22 8 DeSoto 23.54% 10.54% Pasco 8.46% 1.78% 12 9 Suwannee 22.83% 0.35% Marion 7.93% 2.45% Madison 20.61% 0.09% Lake 7.77% 0.04% Gilchrist 20.54% 0.27% Clay 7.73% 0.65% Polk 19.73% 4.98% 9 46 Pinellas 7.57% 4.35% 6 13 Gadsden 18.84% 0.06% 43 Statewide 7.52% 14 Calhoun 18.72% 0.07% SantaRosa 7.24% 0.55% Washington 18.25% 0.16% Seminole 7.12% 1.77% Jackson 17.18% 0.54% Leon 7.05% 3.66% Lafayette 17.11% 0.09% Brevard 6.85% 1.76% Jefferson 16.70% 0.25% Lee 6.61% 1.25% 8 19 Bradford 16.69% 0.14% Bay 6.57% 0.97% Okeechobee 15.97% 0.24% Nassau 6.46% 0.44% Union 15.69% 0.04% Gulf 5.83% 0.08% Holmes 14.83% 7.08% Charlotte 5.52% 0.72% Hernando 14.34% 0.43% PalmBeach 5.48% 7.04% 3 24 Baker 14.28% 0.11% MiamiDade 5.46% 2.20% 1 25 Glades 13.20% 0.13% Broward 5.12% 6.69% 2 26 Escambia 12.45% 4.74% Okaloosa 5.06% 0.72% Martin 12.40% 1.23% Flagler 4.53% 1.71% SaintLucie 12.28% 1.83% SaintJohns 4.09% 0.74% Levy 11.50% 1.02% IndianRiver 3.95% 0.06% Columbia 11.28% 0.26% Sarasota 3.76% 1.54% Hillsborough 11.03% 0.44% 4 64 Walton 3.39% 0.38% Dixie 10.19% 0.34% Collier 2.89% 1.75% Manatee 9.97% 0.13% Franklin 2.83% 0.31% Orange 9.83% 8.28% 5 67 Monroe 2.78% 0.54% 39 Source:FloridaTaxWatch,usingdatafromtheFloridaDepartmentofRevenue,August2011. CountyGovernmentsincountiesinREDareatthe10millcap(2010).ThoseinBOLDhavearateabove8.5mills.

27 EstimatedTangiblePersonalPropertyTaxLeviesbyCounty County TPP Levies % of state TPP Levies 2011 Pop Rank County TPP Levies % of state TPP Levies Pop Rank 1 MiamiDade 223,022, % 1 35 IndianRiver 8,509, % 33 2 PalmBeach 144,140, % 3 36 Hendry 7,905, % 47 3 Hillsborough 140,998, % 4 37 SantaRosa 7,743, % 13 4 Orange 140,809, % 5 38 Nassau 7,022, % 38 5 Broward 138,925, % 2 39 Highlands 6,970, % 34 6 Polk 85,862, % 9 40 Taylor 6,929, % 54 7 Pinellas 85,128, % 6 41 Hamilton 6,280, % 61 8 Duval 84,304, % 7 42 Suwannee 5,822, % 44 9 Lee 63,282, % 8 43 DeSoto 5,518, % Volusia 52,442, % Monroe 5,432, % SaintLucie 41,104, % Flagler 5,126, % Manatee 39,105, % Columbia 4,749, % Citrus 38,026, % Gadsden 4,675, % Martin 35,582, % Okeechobee 4,304, % Brevard 31,238, % Walton 3,601, % Seminole 29,249, % Jackson 3,547, % Pasco 28,932, % Levy 3,403, % Escambia 27,173, % Washington 2,731, % Marion 26,296, % Bradford 2,526, % Alachua 25,392, % Madison 2,405, % Osceola 24,802, % Gilchrist 2,247, % Sarasota 21,741, % Baker 1,921, % Lake 20,552, % Wakulla 1,779, % Collier 20,297, % Liberty 1,615, % Leon 18,775, % Jefferson 1,554, % Hernando 17,365, % Glades 1,485, % Putnam 15,889, % Gulf 1,320, % Hardee 13,772, % Calhoun 1,219, % Charlotte 12,018, % Dixie 1,078, % Bay 11,764, % Holmes 960, % SaintJohns 11,438, % Union 666, % Clay 10,011, % Lafayette 659, % Okaloosa 9,394, % Franklin 604, % Sumter 8,820, % 36 Source:FloridaTaxWatch,usingdatafromtheFloridaDepartmentofRevenue,August2011.Leviesestimatedby using2010averagemillageforeachcounty(alljurisdictions). CountyGovernmentsincountiesinREDareatthe10millcap(2010).ThoseinBOLDhavearateabove8.5mills. 25

28 TargetedTPPExemptionsarePreferabletoRepealatThisTime Afterageneralconsensusthatatotaleliminationofadvaloremtaxesontangiblepersonal propertyinfloridaatthetimewouldbeproblematic,thetaskforcebegantofocusonmore targetedexemptionsthatcouldhelpspureconomicdevelopmentinthestate.thetaskforce feltthatsuchexemptionscouldbeusedtohelpattracthighwage,capitalintensiveindustries toflorida. Itwasdecidedtofocusonthestate squalifiedtargetedindustries(qti)andhighimpact sectors.thesearetheindustriesdefinedinlaw 24 thatareeligibletoreceiveqtitaxrefunds andhighimpactgrants.forpurposesofthisreport,theterm targetindustries meanboth QTIsandhighimpactsectors.ThelistofQTIscanberevisedbyEnterpriseFloridaeachyear basedonthefollowingcriteria: Futuregrowth Industryforecastsshouldindicatestrongexpectationforfuturegrowthinboth employmentandoutput,accordingtothemostrecentavailabledata.specialconsideration shouldbegiventobusinessesthatexportgoodsto,orprovideservicesin,internationalmarkets andbusinessesthatreplacedomesticandinternationalimportsofgoodsorservices. Stability Theindustryshouldnotbesubjecttoperiodiclayoffs,whetherduetoseasonalityor sensitivitytovolatileeconomicvariablessuchasweather.theindustryshouldalsoberelatively resistanttorecession,sothatthedemandforproductsofthisindustryisnottypicallysubjectto declineduringaneconomicdownturn. Highwage Theindustryshouldpayrelativelyhighwagescomparedtostatewideorarea averages. Marketandresourceindependent Thelocationofindustrybusinessesshouldnotbe dependentonfloridamarketsorresourcesasindicatedbyindustryanalysis,exceptfor businessesintherenewableenergyindustry. Industrialbasediversificationandstrengthening Theindustryshouldcontributetoward expandingordiversifyingthestate sorarea seconomicbase,asindicatedbyanalysisof employmentandoutputsharescomparedtonationalandregionaltrends.special considerationshouldbegiventoindustriesthatstrengthenregionaleconomiesbyaddingvalue tobasicproductsorbuildingregionalindustrialclustersasindicatedbyindustryanalysis. Specialconsiderationshouldalsobegiventothedevelopmentofstrongindustrialclustersthat includedefenseandhomelandsecuritybusinesses. 24 QTISection ,FloridaStatutes.HighimpactsectorsSection ,FloridaStatutes.

29 EconomicbenefitsTheindustryisexpectedtohavestrongpositiveimpactsonorbenefitsto thestateorregionaleconomies. TheTaskForceconcludedthatinsteadoffullrepealatthistime,focusingonsmaller exemptionsforthesetypesofindustriescouldbestleverageexemptadvaloremtaxdollarsto producethehighesteconomicdevelopmentreturns.inotherwords, getthemostbangfor thebuck. ThisechoesthelanguageintheQTIstatute 25 (emphasisadded): TheLegislaturefindsthatretainingandexpandingexistingbusinessesinthestate, encouragingthecreationofnewbusinessesinthestate,attractingnewbusinessesfrom outsidethestate,andgenerallyprovidingconditionsfavorableforthegrowthoftarget industriescreateshighquality,highwageemploymentopportunitiesforresidentsofthe stateandstrengthensthestate seconomicfoundation.thelegislaturealsofindsthat incentivesnarrowlyfocusedinapplicationandscopetendtobemoreeffectivein achievingthestate seconomicdevelopmentgoals.thelegislaturefurtherfindsthat higherwagejobsreducethestate sshareofhiddencosts,suchaspublicassistanceand subsidizedhealthcareassociatedwithlowwagejobs.therefore,thelegislature declaresthatitisthepolicyofthestatetoencouragethegrowthofhigherwagejobs andadiverseeconomicbasebyprovidingstatetaxrefundstoqualifiedtargetindustry businessesthatoriginateorexpandinthestateorthatrelocatetothestate. TheTaskForcedecidedonexaminingtheimpactofexemptingallmanufacturersandeachof thetargetindustrysectors. HowMuchDoTargetIndustriesPayinTPPTaxes? InordertoascertaintheamountofTPPtaxespaidbytheseindustries,wecompiledalistof NAICScodesforbothQTIsandhighimpactsectors.UsinginformationprovidedbyEnterprise Florida 26,wehadthecodesforthehighimpactsectorsandwereabletofindcodesformost companiesthatfitintheqtis. TheFloridaDepartmentofRevenue(DOR)wasabletopullTPPtaxdatabasedontheNAICS codes.thedordatawasalsobrokendownbycounty.mostofthehighimpactsectors overlappedtheqtis.theonehighimpactsectornotsubstantiallycontainedinaqticategory wastransportation. 25 Section (1),FloridaStatutes. 26 SeeappendicesBandC 27

30 Wecompileddataforthefollowingsectors: Manufacturing CleanTech\Energy InformationTechnology LifeSciences AviationandAerospace HomelandSecurityandDefense FinancialServices Transportation ResearchandDevelopment CorporateHeadquarters ThisisnotintendedtobeacompletelistofindustriesthatwouldfallundertheproposedTPP exemptions.otherindustriesandemergingtechnologiessuchasprofessionalservices,global logistics,marinesciences,materialsciencesandnanotechnologyfallundertheqtiumbrella.it isultimatelyuptothelegislaturewithinputfromenterprisefloridatodecideonthe industriestoincludeinanynewexemption. Thetableonthenextpageshowsthenumberoftangiblepersonalpropertyaccounts,just value,taxablevalue,andtheestimatedleviesfortheseindustriesduring2011.thereissome duplicationamongthegroups,forexamplemanyofthetargetedindustriesaremanufacturers, andsemiconductormanufacturersareinmultiplegroups. Thetotal(unduplicated)amountsare: Manufacturing $191.7million QualifiedTargetedIndustriesOnly $208.3million AllManufacturingandOtherTargetedIndustries $365.1million 28

31 Florida Tangible Personal Property - Selected Sectors DESCRIPTION # OF TAX 27 PAYERS JUST VALUE TAXABLE VALUE Manufacturing 11,231 11,663,269,900 10,268,975,636 CleanTech ,276, ,133,854 LifeSciences ,521, ,462,701 AviationandAerospace ,152, ,670,959 InformationTechnology 16,744 9,059,232,607 8,556,110,457 FinancialServices 3, ,731, ,202,885 Transportation ,066, ,118,265 LEVIES ,670,458 8,461,930 15,408,328 5,929, ,106,695 13,150,865 6,718,955 CorporateHeadquarters 94 49,741,761 47,544, ,917 HomelandSecurity/Defense 1, ,969, ,776,800 ResearchandDevelopment ,393,885 83,350,617 10,283,214 1,736,775 Source: 2011 Preliminary N.A.P Tax Rolls, Property Tax Oversight, Florida Department of Revenue, August Levies estimated by Florida TaxWatch. SeeAppendixAforinformationontheindustriesineachsector. 27 Numberofaccounts.Asinglebusinesscanhavemultipleofaccounts.Eachlocationrequiresitsownreturnand account. 28 Estimatedbyapplying2010averagemillagerates(alljurisdictionsincounty)totaxablevalue.Computedatthe countylevelthensummedforstatewidetotal. 29

32 ManufacturingandTargetIndustriesasa%ofTotalTaxableValue 2011 All Target* Pop All Target* Pop County Manuf. Industries Rank Manuf. Industries Rank 1 Taylor 19.80% 1.10% Bradford 0.80% 0.10% 50 2 Liberty 18.10% 17.80% Okeechobee 0.80% 0.60% 46 3 Hendry 11.90% 0.10% Orange 0.80% 1.20% 5 4 Putnam 7.80% 1.40% Clay 0.70% 0.50% 24 5 Madison 7.40% 0.90% Hillsborough 0.70% 0.40% 4 6 Baker 5.50% 2.00% Pasco 0.70% 1.20% 12 7 Escambia 4.60% 1.80% Seminole 0.60% 1.20% 20 8 Suwannee 4.30% 0.00% Hamilton 0.50% 0.00% 61 9 Polk 4.00% 2.00% 9 42 SantaRosa 0.50% 0.10% Gadsden 3.10% 0.00% Osceola 0.50% 1.10% Nassau 3.00% 0.00% SaintJohns 0.40% 0.60% Gilchrist 2.90% 1.60% Holmes 0.40% 0.00% Hernando 2.60% 2.20% Hardee 0.40% 1.00% Union 2.30% 2.10% MiamiDade 0.40% 0.70% 1 15 Sumter 2.20% 0.10% PalmBeach 0.40% 0.80% 3 16 Duval 2.20% 1.60% 7 49 Broward 0.30% 1.00% 2 17 Alachua 2.20% 1.50% Levy 0.30% 1.80% Glades 1.90% 1.00% Gulf 0.30% 0.90% Manatee 1.60% 1.00% Sarasota 0.30% 0.80% SaintLucie 1.50% 1.10% Martin 0.30% 0.10% DeSoto 1.40% 0.00% Lafayette 0.20% 2.10% Columbia 1.20% 2.50% Leon 0.20% 0.10% Bay 1.10% 0.20% Okaloosa 0.20% 0.10% Jackson 1.10% 0.10% IndianRiver 0.20% 0.20% Dixie 1.00% 0.20% Flagler 0.20% 0.10% Wakulla 1.00% 0.40% Lee 0.20% 0.70% 8 27 Volusia 1.00% 1.30% Charlotte 0.10% 0.70% Washington 1.00% 0.10% Walton 0.10% 0.00% Marion 1.00% 1.10% Calhoun 0.10% 0.00% Pinellas 1.00% 1.30% 6 63 Collier 0.10% 0.60% 17 Statewide 0.80% 0.90% 64 Citrus 0.10% 0.00% Lake 0.80% 0.80% Franklin 0.10% 0.00% Highlands 0.80% 0.00% Jefferson 0.00% 0.10% Brevard 0.80% 0.10% Monroe 0.00% 0.40% 39 Source:FloridaTaxWatch,usingdatafromtheFloridaDepartmentofRevenue,August2011. CountyGovernmentsincountiesinREDareatthe10millcap(2010).ThoseinBOLDhavearateabove8.5mills. * TargetIndustries includequalifiedtargetedindustries(qti)andhighimpactsectors.

33 TPPLeviesonManufacturingandTargetIndustries 2011 TargetIndustries Manufacturing TargetIndustries Manufacturing Levies* Levies Levies* Levies 1 Dade 30,464,223 15,207, Baker 267, ,675 2 Broward 28,426,599 8,890, Hardee 259, ,981 3 PalmBeach 20,049,075 9,707, Okaloosa 229, ,994 4 Orange 16,849,912 10,822, Leon 218, ,832 5 Duval 14,806,814 20,844, Taylor 211,405 3,959,351 6 Pinellas 14,460,024 10,689, Gulf 208,457 72,233 7 Polk 8,839,354 17,361, Gilchrist 174, ,037 8 Lee 7,100,170 1,949, Okeechobee 152, ,808 9 Volusia 6,988,709 5,492, Flagler 144, , Hillsborough 5,146,137 8,941, Glades 109, , Seminole 5,024,020 2,457, Madison 101, , Sarasota 4,707,963 1,640, Union 90,630 96, Alachua 4,146,988 5,988, Lafayette 80,408 9, Pasco 4,133,406 2,275, SantaRosa 75, , Collier 4,114, , Wakulla 72, , Escambia 3,988,557 9,943, Sumter 62,221 2,199, Manatee 3,819,006 6,425, Hendry 45,017 3,882, SaintLucie 3,612,599 5,133, Walton 43, , Marion 3,558,739 3,210, Bradford 20, , Osceola 3,173,968 1,313, Jackson 19, , Hernando 2,658,580 3,158, Highlands 19, , Lake 1,984,909 2,236, Dixie 15, , Charlotte 1,615, , Washington 14, , SaintJohns 1,543,207 1,168, Citrus 12, , Columbia 1,041, , Jefferson 12,086 2, Putnam 935,956 5,116, Suwannee 12,003 1,101, Monroe 830,907 17, DeSoto 7, , Clay 703, , Gadsden 6, , Liberty 692, , Nassau 1,739 3,255, Brevard 675,902 3,649, Franklin , Levy 526,136 94, Calhoun 7, IndianRiver 336, , Hamilton 68, Martin 291, , Holmes 26, Bay 278,063 1,975,776 Source:FloridaTaxWatch,usingdatafromtheFloridaDepartmentofRevenue,August2011.Leviesestimatedbyusing2010 averagemillageforeachcounty(alljurisdictions).* TargetIndustries includesqtiandhighimpactsectors. CountyGovernmentsincountiesinREDareatthe10millcap(2010).ThoseinBOLDhavearateabove8.5mills.

34 Thetablesontheprevioustwopagesshowtheimpactonindividualcountiesofexempting manufacturingand/ortargetedindustries.thefirsttableshowsthepercentageoftotaltaxable valuethatwouldbelostfromexemptingtheseindustries.earlierinthisreport,weexamined thelosttaxablevalueoffullrepealandfoundthatsomesmallercountieshadverysignificant portionsoftheirtaxrollsmadeupoftpp.threecountieshadmorethan40percentoftaxable valuemadeupoftpp.thetableonpage28showsmuchmoremanageableamounts. Generally,thetableshowsthatmanufacturingTPPmakesupmoreofthetaxrollsinsmaller countiesthantargetedindustrytpp,whilethetargetedindustryshareislargerinlarger counties. Threesmallcountieshavemorethan10percentoftheirtaxrollsdevotedtomanufacturing TPP.Onlyonecountyhasmorethan10percentcomingfromtargetedindustries.Thatis LibertyCounty,whichhasalargesawmill(whichisahighimpactsectorbusiness).Thesawmill showsupinbothcategories. Onlytencountieshaveamanufacturingsharethatexceedsthreepercentoftaxablevalueand onlyfourcountieshaveatargetindustryshareabovetwopercent. WhoPaysFloridaTangiblePersonalPropertyTaxes? 3.3% 11.0% 12.0% 31.6% 7.0% Utilities 9.8% Information Manufacturing 10.6% WholesaleandRetail Entertainment,Recreation,Accommodation,FoodService Finance,Insurance,RealEstate,ProfessionalServices MiningandConstruction Other 14.7% Source:FloridaTaxWatch,fromFloridaDepartmentofRevenuedata,August2011.

35 ResultsofEconometricModelingforTPPTaxReduction Options UsingthedynamicmodelfromRegionalEconomicModels,Inc.(REMI),fivesimulationswere runwiththefollowingtaxreductions: Simulations TPPAmount TotalRepealofTPP $1,893,311,094 5YearPhaseoutofTPP $378,662,219peryear ExemptallManufacturing $199,337,276 ExemptallTargetIndustries $216,627,019 ExemptallManufacturingandTargetIndustries $379,755,761 Sincetheearliestachangecouldtakeeffectwouldbetaxyear2013(FY201314)estimatesof taxvaluesfortheseexemptionsmadebyfloridataxwatchthatarediscussedearlierinthis reportwereincreasedbytheofficialstateforecastedgrowthoftpptaxablevalueforthenext twoyears(4percent). ShownabovearefivesimulationsthatweremodeledusingtheRegionalEconomicModelsInc. software,remipi+.simulation1,totalrepealoftpptax,completelyrepealsalltpptaxesin 2014.Simulation2,5yearphaseoutofTPPtax,reducestotalTPPtaxesby20percenteach yearuntilitiscompletelyphasedout,beginningin2014.insimulation3,4,and5,business taxesareloweredandcreditedtoareductionincapitalcostforthetargetedtypesof businesses(manufacturing,targetindustries,andboth).oneshouldnotethatthereissome overlapbetweentargetindustriesandmanufacturing.somemanufacturingisintarget Industries,butnottheentiremanufacturingsector.Duplicationswereeliminatedforthe simulationofexemptingbothgroupstogether. Thesimulationsaremodeledwithareductionofgovernmentspendingforeachdollarof reductionintpptaxes.onefeatureoftheremimodelisthatthisresultsinsignificantlossesin publicsectorjobs(asopposedtoprogramcutsorcostsavingsinitiatives),especiallyintheearly simulationperiodresults.however,asdiscussedearlierinthisreport,propertytaxreliefdoes nottranslateintoadollarfordollarreductioningovernmentspending.therefore,foreachof thesesimulations,threeseparatescenarioswererun.firstwasaneliminationoftpptaxes withnoincreaseofothertaxestomakeupthetpptaxrevenueloss.secondwasanincreasein thetaxonrealpropertytomakeup50percentofthetpptaxrevenueloss.thirdwasan increaseinthetaxonrealpropertytomakeup100percentofthetpptaxrevenueloss.this 33

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