Staff Writer
A bill proposed by a member of the Duval Legislative Delegation that would generate investment for Florida’s ports will see its first committee action today. Local legislators and Jacksonville Port Authority officials will be keeping a keen eye on the measure.
State Rep. Lake Ray’s bill, HB 1169 Florida Ports Investment, could raise up to $500 million for the ports through offering incentives to insurance companies to pay state taxes on their premiums early.
While the money normally would go toward the State’s general fund, the tax money collected early would go toward the ports investment. Insurance companies would both pay their taxes and receive incentive to do so. This would be done without raising taxes on Floridians, Ray said during his recent Town Hall meeting with Gov. Charlie Crist, and would ultimately lead to more high-paying jobs. During the Town Hall meeting, Crist said he was supportive of the measure and would sign it should it pass both legislative bodies. Currently, the Senate companion version, SB 1992, is sponsored by Florida Sen. Jeremy Ring (Broward).
Jacksonville Port Authority CEO Rick Ferrin is optimistic of the outcome and the effect on the local port.
“If this bill passes, this would be the first significant amount of money (for port investment) from the state since 1999,” said Ferrin. “It’s desperately needed across the board.”
Ferrin said typically, as a larger port in the state, the Jacksonville port receives 20 to 25 percent of what is available, with the potential for $100 million if the measure succeeds. That money would go a long way toward port projects, he said, including the needed dredging for post-Panamax ships if the project is authorized.
Industries like the port will lead the way to economic rebound, said Ferrin, and investment will help cement its competitiveness for projects with neighboring states along the East Coast.
“In the port business, you can’t stay stagnant, or you’ll get left behind by the competition,” said Nancy Rubin, port communications director.
The windfall of such a measure is one reason two other Duval Delegation members signed on as co-sponsors of the bill. Both State Reps. Charles McBurney and Janet Adkins are on board with assisting the ports not just in Northeast Florida, but in Florida as a whole.
“This is a great economic development opportunity,” said McBurney. “It’s an opportunity for funding the much-needed industry without taking money from taxpayers.”
Adkins agreed, saying the bill is about jobs and the importance of the ports system across Florida.
“Co-sponsoring the bill was an easy decision,” said Adkins. “With the number of unemployed workers in Florida continuing to climb, we must take steps to shore up those businesses that are already here and employing our friends, neighbors and family members.”
The House version of the bill will go before the Economic Development Policy committee, chaired by State Rep. Jennifer Carroll, today and must also go through the Transportation and Economic Development Appropriations Committee, Finance and Tax Council and Economic Development and Community Affairs Council.
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