News Summary
Amid concerns over New York City’s rising corporate taxes proposed by new Democratic primary winner Zohran Mamdani, the Florida Council of 100 is actively courting NYC CEOs. They argue that Florida offers a more favorable business environment with fiscal stability and lower taxes, aiming to draw companies looking to escape New York’s uncertain economic climate. Florida’s recent growth and the elimination of the business rent tax enhance its appeal as a destination for corporate relocation.
Florida – The Florida Council of 100, a leading corporate trade group, is actively working to attract New York City CEOs who are concerned about the recent political shift under democratic socialist candidate Zohran Mamdani. Mamdani, who recently won a Democratic primary, has proposed raising corporate taxes by $9 billion, causing apprehension among business leaders in New York.
In an open letter, the Florida Council of 100 expressed that “uncertainty is the enemy of sound decision-making,” emphasizing the unpredictability of New York City’s economic future under Mamdani’s proposed policies. This uncertainty poses considerable risks for business leaders who may be considering their options for investment and relocation.
One of the Council’s prominent figures, Stephen Ross, former executive chairman of Related Companies, is guiding efforts to engage New York CEOs concerned about Mamdani’s tax policies. Boca Raton Mayor Scott Singer has revealed that he is in discussions with executives in New York about relocating their businesses to Florida, further indicating the potential for economic migration due to state policy changes.
Even though Mamdani’s proposed tax increases would require approval from the state legislature and Governor Kathy Hochul, who has publicly opposed such hikes, the concern among business leaders remains palpable. In response to this, officials in Palm Beach County have stepped up efforts to attract New York companies by sending relocation packets to executives and launching marketing campaigns that brand the area as “Wall Street South.”
The Florida Council of 100’s letter positions Florida as a pro-business environment that contrasts sharply with New York’s financial landscape. With a state budget of $115.1 billion catering to over 23 million residents and more than $13 billion in reserves, Florida claims fiscal stability compared to New York’s $254 billion budget supporting fewer than 20 million residents. This fiscal advantage is further highlighted by Florida’s strong economic performance, which includes a 26.3% increase in real gross domestic product since 2019, outpacing the national average.
Since 2019, Florida has seen the emergence of over 3 million new businesses, with more than 634,000 launched in just 2024. Additionally, half of Florida’s CEOs are planning to expand their employment in the next six months, which is nearly double the rate compared to corporate peers in other states. Forty-five percent of Florida CEOs expect to boost their capital investments, signaling confidence in Florida’s economic environment.
The Florida Council of 100 reassures businesses considering relocation by emphasizing Florida’s safety, growth potential, and certainty in its fiscal policies. As of October 1, Florida will eliminate its business rent tax, a significant reform signed into law by Governor Ron DeSantis. This business rent tax, which had been a longstanding competitive disadvantage, will be fully removed, easing the financial burden on tenants and businesses alike.
Economic analysts project that for every dollar invested in eliminating the business rent tax, approximately $6 could be generated in economic activity, further enhancing Florida’s appeal to new and relocating businesses. Florida’s overall tax structure remains relatively low compared to other states, relying primarily on sales and property taxes as opposed to an income tax.
In conclusion, the Florida Council of 100’s efforts to draw in New York City CEOs underscore the growing concerns regarding Mamdani’s proposed tax policies, with Florida presenting itself as a viable alternative for businesses seeking a more favorable economic climate.
Deeper Dive: News & Info About This Topic
- New York Post: Florida Business Group Woos NYC CEOs
- Gulf Shore Business: Florida Business Rent Tax Ends
- Rolling Out: Reason Florida Shopping Just Got Cheaper
- SmartAsset: California vs Florida Taxes
- Newsweek: Florida Tax Changes in 2026 Budget
- Wikipedia: Taxation in the United States
- Google Search: Florida tax policies
- Google Scholar: Florida business taxes
- Encyclopedia Britannica: Tax
- Google News: Florida business news
