Palm Beach County Question 1
Bottom Line: In Florida’s August Primary Election multiple communities across the state have local ballot questions for voters to consider. Palm Beach County has one county wide question for voters. Here’s the breakdown of the ballot proposal.
Title: ECONOMIC DEVELOPMENT PROPERTY TAX EXEMPTIONS TO NEW BUSINESSES AND EXPANSIONS OF EXISTING BUSINESSES
Ballot Summary: The Economic Ad Valorem Tax Exemption Program provides Palm Beach County with an additional economic development incentive tool to assist new and expanding businesses to make a positive economic impact on Palm Beach County’s economy with the expectation that these businesses will create new, full-time jobs in Palm Beach County.
Shall the Board of County Commissioners of Palm Beach County be authorized to grant, pursuant to s. 3, Art. VII of the State Constitution, property tax exemptions to new businesses and expansions of existing businesses that are expected to create new, full-time jobs in Palm Beach County?
A "yes" vote is For authority to grant exemptions
A "no" vote is Against authority to grant exemptions
Palm Beach County has had a long-standing policy in place which has allowed county officials to use their discretion to offer incentives to attract businesses to the county and to encourage their growth once here. Voters first authorized the county to offer incentives for businesses under this property tax break initiative in 2004. Under Florida law the program must be reauthorized by voters every ten years. Over the past decade 20 businesses were recipients of incentives under this program including Carrier Air, Pratt & Whitney and United Technologies. According to the county’s most recent report over 5,000 jobs were accounted for over the past decade as part of the program. The net economic impact of the incentives has averaged $1.14 billion annually most recently.
My recommendation is a “yes” vote. Palm Beach County’s economy has consistently outperformed the national economy and often the state’s economy as well. It’s in the county’s economic interest to remain opportunistic and flexible when opportunities arise. Palm Beach County would risk losing out on expansion and relocation opportunities in the future if this provision is no longer in place.