Florida Gov. Ron DeSantis quipped the other day that he sees plenty of New York license plates in his state, but doubted that many cars with Sunshine State tag were headed to Cuomoland.
Recently another Florida Cabinet member signaled that he, too, would welcome some New Yorkers to head south.
State Chief Financial Officer Jimmy Patronis is encouraging the managers of the nation’s leading barometer of economic well-being to relocate to Florida.
In a letter to Stacey Cunningham, president of the New York Stock Exchange, Patronis pitched a plan for the NYSE to become a Florida company.
The impetus for the letter was Cunningham’s contact with New York lawmakers about a potential tax on sales of securities and the effects that would have on “The Exchange.’
“Clearly,” Patronis wrote, “the politicians in Albany no longer appreciate the economic powerhouse that is The Exchange. Their disregard extends beyond your corporate boardroom, as the transfer tax would negatively affect millions of individuals vested in college savings and retirement funds.”
“As a fourth-generation Floridian and a former small business owner, I’m writing to encourage you to consider moving the New York Stock Exchange to the great state of Florida,” he added.
Patronis reminded Cunningham of a letter from him to the Wall Street Journal, in which Cunningham pointed out “many of New York’s financial professionals are already relocating to Florida and for good reason.”
“Here in the beautiful Sunshine State,” Patronis said, “you and your employees would not have to pay personal income taxes, while The Exchange would benefit from favorable corporate tax policies and the fact that Florida does not levy an intangible tax on stocks, bonds, and many other financial instruments.”
“Plus, Florida’s amazing weather and beaches, would afford the entire industry an all-around better quality of life.”
Continuing the lobbying effort, Patronis wrote, “By moving to Florida, The Exchange’s parent company, Intercontinental Exchange, Inc., could realize significant savings on corporate income taxes since Florida’s 4.4% corporate income tax rate is nearly one-third lower than the New York Corporate Income Tax rate of 6.5%.
“Crucially for The Exchange, Florida repealed its intangible tax on the market value of stocks, bonds, and other financial instruments in 2007. The tax repeal also eliminated intangible taxes on mutual funds, bonds, and more.’
Aside from a significantly lighter tax burden, Patronis pointed out, Florida is also a national leader in tourism, fiscal health, and education.
“Additionally, Florida’s crime rate is at a 49-year low, making Florida both a safe and profitable place to do business,” Patronis maintained.
“Lastly,” he added, “Florida shares the same time zone with New York, which would “ease the transition for the rest of the financial world, which is built around the Exchange operating from 9:30 AM to 4:00 PM, Eastern Time.”
As Florida’s CFO, I am convinced the Intercontinental Exchange, Inc., would excel in Florida, and I’m here to remind you that there is no time like the present to consider moving your business to the Sunshine State,” Patronis said.
“My door is always open, and given the restaurant closures in New York, I would be more than happy to take you out to eat at one of our fine restaurants to discuss the many reasons to move The Exchange to Florida.”