Senate president agrees to study economic incentives
The legislation might not have gone anywhere, but supporters of the so-called “Fair Economy Act” are still claiming victory on the last day of the session. Senate President Mike Haridopolos has committed to a formal study reviewing the effectiveness of economic development incentives, tax credits, exemptions, and subsidies, according to the organization Floridians for a Fair Economy.
The organization, which is union-affiliated, is backing an unpopular Democrat-led initiative to close business tax loopholes to increase revenue and avoid spending cuts on either side. As in past years, however, neither HB 1335 nor SB 1590 gained any traction.
Haridopolos’ commitment came after Sen. Eleanor Sobel, D-Hollywood, agreed to withdrawn an amendment to a tax incentive proposal that would have mandated the economic incentives analysis.