enterprise zonesTCPalm has published an editorial in favor of renewing a program of enterprise zones. But should only certain areas of enjoy freedom to put more of their money into their business?

First let’s define what an enterprise zone is and according to Enterprise Florida:

The Florida Enterprise Zone Program offers an assortment of tax incentives to businesses that choose to create employment within an enterprise zone, which is a specific geographic area targeted for economic revitalization. Tax incentives include a sales and use tax credit, tax refund for business machinery and equipment used in an enterprise zone, sales tax refund for building materials used in an Enterprise Zone, and a sales tax exemption for electrical energy used in an enterprise zone. Local governments can provide additional incentives for a zone located within their boundaries.

The idea of an enterprise zone is that businesses can be more productive if they are taxed less.

And if stealing less from business is a way to help create prosperity then why then make most businesses suffer from burdensome taxation and designate only certain areas as business friendly enterprise zones.

The enterprise zones are really geographies of loopholes that exempt a business from extortion. But this exemption being there doesn’t necessarily mean that businesses can take advantage of it. The bureaucratic process to qualify for this exemption itself is much to overcome.

The state of Florida, St. Lucie County, and our city partners all offer a variety of incentives to relocating and expanding companies. Determining which incentives and amounts of incentives that a company qualifies for is a complicated task and requires one-on-one counseling with EDC staff.- Saint Lucie EDC website

The argument for enterprise zones is that less predation on business by government helps to create the right environment for economic prosperity.

The only sensible idea is to embrace the idea of the enterprise zones and decrease taxation and red tape. Instead of picking areas that can be a better place to run a business and requiring much effort and consultation to qualify local governments should create county (or city) wide enterprise zones.

Steps should be taking immediately to reduce government interference from starting a business and decrease taxation so that businesses can invest more in capital equipment and their workforce to create jobs and economic prosperity all over the place.

Source: Editorial: Florida Legislature should reauthorize enterprise zone program – TC Palm

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