FYI Miami: April 30, 2020
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TAX PAYMENTS EXTENDED: Friday’s deadline for some Florida businesses to make corporate income-tax payments or request extensions has been extended to June 1 as part of the state’s response to the novel coronavirus. An emergency order issued Monday by Department of Revenue Executive Director Jim Zingale also pushed the May, June and July deadlines for filing corporate income-tax returns to Aug. 3. June 1 payments remain due June 1. “Although the Internal Revenue Service extended the due dates for all federal CIT (corporate income tax) payments, this emergency order does not change the current due dates for Florida CIT estimated payments due between April 1, 2020 and July 15, 2020,” a news release from the Department of Revenue said. The IRS has extended due date for federal returns and payments to July 15 amid the economic fallout from the coronavirus. Florida’s corporate income tax generates about $2.8 billion annually.
FLORIDA TOPS UNEMPLOYMENT: Unemployment claims in Florida skyrocketed 10,838% since January due to the impacts of the novel coronavirus, from 4,618 claims in January to 505,137 this month, US Bureau of Labor Statistics figures show. The Sunshine State ranks No. 1 among all 50 states in unemployment claim increases since January and compared to this time last year, financial site WalletHub found. The coronavirus has erased all 22.7 million American jobs gained since the Great Recession, the St. Louis Federal Reserve determined. In terms of efforts to prevent the spread of the deadly disease, Florida has thus far failed dismally, WalletHub staff found in a separate study. Florida ranked 44th overall when examined for aggressive measures taken in limiting exposure to the virus. Fortunately, they said, the state also boasts the lowest influenza and pneumonia death rate per capita nationwide.
FPL SAVINGS IN MAY: The state Public Service Commission on Tuesday unanimously approved a one-time savings in May for Florida Power & Light customers. “This is a truly a no-brainer for me, quite frankly, and I appreciate taking an early initiative to help their customers in such a time of need,” Commissioner Julie Brown said. The savings stem from lower-than-expected costs for natural gas to fuel power plants. FPL will lump fuel savings this year into one-time bill reductions in May. “Traditionally, these types of savings are spread out over the balance of the year. However, challenging times call for exceptional measures,” Eric Silagy, president and chief of executive officer of FPL, said in a statement. FPL residential customers who would typically pay $96.04 for 1,000 kilowatt hours of electricity will see bills of $73.36 in May.