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CFO Patronis Urges New York Stock Exchange to Relocate to the Sunshine State

2/11/2021

For Immediate Release: Thursday, February 11, 2021
Contact: Office of Communications, Communications@MyFloridaCFO.com, 850.413.2842

CFO Patronis Urges New York Stock Exchange to Relocate to the Sunshine State

TALLAHASSEE, Fla. – Today, Florida Chief Financial Officer (CFO) Jimmy Patronis issued a letter to the New York Stock Exchange “The Exchange” urging them to relocate to the State of Florida. The CFO’s letter comes after The Exchange sent a letter to New York Legislators regarding their consideration of a transfer tax on the sale of securities, which would negatively affect millions of individuals vested in college savings and retirement funds.
 
CFO PATRONIS LETTER TO NEW YORK STOCK EXCHANGE

February 11, 2021
Stacey Cunningham
President, New York Stock Exchange
 
Dear President Cunningham:

My name is Jimmy Patronis. I am the Chief Financial Officer (CFO) for the State of Florida and serve on the Board of Enterprise Florida, Inc, which is Florida’s primary entity for attracting business to the state. I am writing you in response to the letter you sent New York Legislators regarding their consideration of a transfer tax on the sale of securities and the effects that would have on the New York Stock Exchange (The Exchange). Clearly, 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.

As mentioned in your letter to the Wall Street Journal, many of New York’s financial professionals are already relocating to Florida and for good reason—here in the beautiful Sunshine State, 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.

By moving to Florida, The Exchange’s parent company, Intercontinental Exchange, Inc., could realize a 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.

Other advantages of operating a business in Florida include being located in one of the top states for 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. Lastly, Florida shares the same time zone with New York--Eastern Standard Time. This key similarity 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. 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.
 
Sincerely,

Jimmy Patronis
Chief Financial Officer
 
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About CFO Jimmy Patronis 
Chief Financial Officer and State Fire Marshal Jimmy Patronis is a statewide elected official and a member of Florida’s Cabinet who oversees the Department of Financial Services. CFO Patronis works each day to fight insurance fraud, support Florida’s firefighters, and ensure the state’s finances are stable to support economic growth in the state. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).