Contractors Group says Defense Spending Dropped $800 Million
TALLAHASSEE, Fla. - June 16, 2012
A contractors group says defense spending dropped by $800 million in Florida last year.
The Florida League of Defense Contractors reported on Friday that federal spending on military bases and with defense businesses in the state dropped from $14.1 billion the previous year to $13.3 billion in 2011.
The group is urging lawmakers to pass a new tax break for defense contractors.
Florida currently offers a corporate income tax incentive. But the league says many smaller businesses already are exempt from paying the tax while others balk at complicated regulations they must follow to qualify.
It wants the incentive changed to eliminate that obstacle and reward companies according to how many defense dollars they bring into Florida and subcontracting work they keep in the state.
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