On Tuesday, our Pinellas County community will be asked to vote yes or no on the ad valorem economic development tax exemption referendum. The St. Petersburg Chamber of Commerce supports the referendum and here’s why.

This tax exemption is both an incentive and investment tool to ensure our county remains competitive compared to other Tampa Bay communities that already have this tool, as well as 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 was also supported by the Chamber. This referendum passed with 60.5% of the vote.

A primary goal of the tax exemption is to support local businesses by helping them maintain and grow good-paying jobs here in Pinellas County. Approval authority is what is on the ballot – it is not a blanket or automatic approval for every business that takes advantage of the incentive. Individual projects will continue to be reviewed and presented to the Pinellas County Board of County Commissioners for review on multiple occasions. The exemption cannot exceed a 10-year period.

Jabil is a local company that has used the ad valorem tax exemption for the past decade. During that time, the tax exemption has proven its immense value. Jabil is an electronics manufacturer and one of the largest companies headquartered in the Tampa Bay Area. It wanted to create additional well-paying jobs and was able to stay in St. Petersburg thanks to the tax exemption. Several other companies are currently exploring the possibility of using this tax exemption locally. If this referendum is not passed, these companies would be at a competitive disadvantage.

It is important to create more better-paying jobs in this country and it is critical for our economy long-term that we retain our great employers.

The Chamber believes this tax exemption is critical to the continued prosperity of those employed in our county. A “yes” vote on the ad valorem tax exemption referendum will ensure that existing local businesses can stay and grow in our community and that Pinellas County continues to attract new businesses.

Chris Steinocher is President and CEO of the St. Petersburg Chamber of Commerce.