Florida gave tax incentives to gun manufacturer
Bloomberg's Mike Bender reports today on tax breaks dished to gun manufacturers, raising questions about the $1.6 million tax subsidy given to Colt on Florida. An excerpt:
In Florida, Republican Governor Rick Scott hailed an incentive for the West Hartford, Connecticut-based Colt Manufacturing Co. in 2011 saying it showed the state was “a defender of our right to bear arms.” The deal, for 63 jobs, was worth about $1.66 million in state and local incentives, according to Enterprise Florida, the state’s economic development arm. The agreement penalizes the company $50,000 if it doesn’t produce all the jobs.
Frank Attkisson, a commissioner in Osceola County, which provided incentives, said it was a “sweetheart deal” for Colt and that the county would put tougher controls on future subsidies.
Florida state Senator Nancy Detert, the Republican chairwoman of the Commerce Committee, said she’s crafting legislation to make it more difficult to provide incentives for companies that don’t specialize in science and technology. She said she doesn’t want Florida to be known for gun manufacturing.
“We need to be a lot more careful and decide what kind of state we envision,” Detert said.