It’s not just Florida courting the NYSE, either. He also pointed out the other benefits of living in Florida, including no state income tax, Florida’s many lifestyle benefits, etc. The tax repeal also eliminated intangible taxes on mutual funds, bonds and more.” Crucially for The Exchange, Florida repealed its intangible tax on the market value of stocks, bonds and other financial instruments in 2007. He said, “The Exchange’s parent company, Intercontinental Exchange, Inc., could realize a significant savings on corporate income taxes since Florida’s 4.4 percent corporate income tax rate is nearly one-third lower than the New York Corporate Income Tax rate of 6.5 percent. He pointed out the tax advantages “The Exchange” would enjoy by moving to Florida. Patronis encouraged Cunningham to go ahead and make the leap, writing, “There is no time like the present to consider moving your business to the Sunshine State.” “Some of our customers are already asking about our willingness to relocate,” She said.Īs she pointed out Florida has benefitted recently from firms looking to reduce costs by expanding into other cities, particularly in South Florida where major hedge fund managers and financial firms have increased their corporate footprints. Similarly, the broader financial-services industry shuttered offices and shifted workforces, without hiccups, to remote locations.”
The NYSE president pointed to the trend of white-collar Wall Street workers relocating to states like Florida, Texas and others “with hospitable tax policies.” She wrote that her exchange could be forced to relocate if a stock transfer tax being considered in New York’s state capital becomes law.Ĭunningham wrote, “We’ve proved, by pandemic-driven necessity, that we can close the physical trading floor on a moment’s notice and maintain service without missing a beat. If Albany lawmakers get their way, however, the center of the global financial industry may need to find a new home.” In Cunningham’s op-ed titled “The NYSE isn’t moving – yet,” she wrote, “The New York Stock Exchange belongs in New York. What would the New York Stock Exchange (NYSE) be if it wasn’t in New York anymore? Maybe the Florida Stock Exchange?įlorida Chief Financial Officer Jimmy Patronis thinks that might be a good idea.Īlthough he didn’t go so far as to call it the Florida Stock Exchange, he did refer to the NYSE simply as “The Exchange” in a letter he wrote today to NYSE President Stacey Cunningham suggesting the NYSE move from the Big Apple to the Sunshine State following a Wall Street Journal op-ed in which she opined leaving New York is a possibility if its lawmakers push forward with a financial transactions tax.