Economic development package moves to floor

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The Senate Budget Subcommittee on Finance and Tax, passed the chamber’s economic development package Tuesday after tacking on a series of amendments that added other incentives to a growing compendium of tools sought by the governor’s office and business groups. By unanimous vote, the panel approved HB 7087, proposes a host of carrots incuing $195 million in tax breaks for businesses for new market development. The bill raises the corporate income tax exemption, a move that wold reduce recurring collection by $119 million. The Senate package, SB 1150, is awaiting action on the floor. In other action, the panel approved a proposed constitutional amendment, SJR 1056, which would provide additional homestead exemptions to the surviving spouses of military veterans and first responders killed in action.

Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida’s most influential new media websites, including SaintPetersBlog.com, FloridaPolitics.com, ContextFlorida.com, and Sunburn, the morning read of what’s hot in Florida politics. SaintPetersBlog has for three years running been ranked by the Washington Post as the best state-based blog in Florida. In addition to his publishing efforts, Peter is a political consultant to several of the state’s largest governmental affairs and public relations firms. Peter lives in St. Petersburg with his wife, Michelle, and their daughter, Ella.