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Bing Energy to move headquarters to Florida, lured by prospect of tax cuts

Bing Energy of Chino, Calif., announced Thursday it would move its headquarters and production facility to Florida. The company is working with Florida State University to build fuel cells and expects to grow from 12 to 244 jobs in about seven years.

Bing chief financial officer Dean Minardi said the company received a $1.9 million tax rebate from Florida's Qualified Target Industry program.

But Minardi said the "tipping point" in his decision to pick the Sunshine State over California, Illinois and Massachusetts was Florida's "pro-employer" laws and Gov. Rick Scott's pledge to phase out the corporate income tax.

Scott has reduced his proposed property tax rate cut by nearly 60 percent, but is still pushing to reduce the corporate income tax rate from 5.5 percent to 3 percent and eventually cut it completely.

"It's huge," Minardi said of eliminating corporate income taxes. "The more income a company can keep, the more people it can hire."

Senate President Mike Haridopolos, R-Merritt Island, said Thursday that lawmakers would consider tax cuts, but that spending cuts would take priority.

Bing Energy to move headquarters to Florida, lured by prospect of tax cuts 02/10/11 [Last modified: Thursday, February 10, 2011 9:16pm]
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