On Tuesday, our Pinellas County community will be asked to vote yes or no on the referendum for the economic development ad valorem tax exemption. The St. Petersburg Area Chamber of Commerce is in support of the referendum and here’s why.
This tax exemption is both an incentive tool and investment tool to ensure that our county remains competitive with other local Tampa Bay municipalities that already have this tool, and other states that offer incentives that do not currently exist in Florida. In 2022, the city of St. Petersburg renewed its local ad valorem tax exemption, which the chamber also supported. That referendum passed with 60.5% of the votes.
A primary goal of the tax exemption is to benefit local companies by helping them keep and grow well-paying jobs here in Pinellas County. The granting authority is what’s on the ballot — it is not a blanket or automatic approval to any business pursuing the incentive. Individual projects will still be vetted and brought to the Pinellas County Board of County Commissioners multiple times for consideration. The exemption benefit cannot exceed a 10-year period.
Jabil is one local company that has used the ad valorem tax exemption in the previous 10-year period. In that time, the tax exemption has proved its immense value. Jabil is an electronics manufacturer and one of the largest companies headquartered in the Tampa Bay area. It wanted to add additional high-paying jobs and was able to stay in St. Petersburg due to the tax exemption. Several other companies are currently pursuing the opportunity to use this tax exemption locally. If this referendum does not pass, those companies would be at a competitive disadvantage.
Growing higher-wage jobs in this county is important, and retaining our amazing employers is critical to our long-term economy.
The chamber believes that this tax exemption is critical to the continued prosperity of those who work in our county. A “yes” vote for the ad valorem tax exemption referendum will ensure that current local businesses can stay and grow in our community, and that new businesses will continue to be attracted to Pinellas County.
Chris Steinocher is president and CEO of the St. Petersburg Area Chamber of Commerce.
