TAMPA, Fla. (WFLA) — Jimmy Patronis wants the New York Stock Exchange to become the Florida Stock Exchange.
On Thursday, Patronis, Florida’s chief financial officer, penned a letter to NYSE head Stacey Cunningham, encouraging her to move the Wall Street institution to the Sunshine State.
The invitation was in response to Cunningham’s opinion piece in the Wall Street Journal, in which she floated the idea of moving the exchange out of New York State if Albany imposes a transfer tax on stock sales. Some state lawmakers have introduced legislation that would tax certain financial transactions to reduce the budget deficit as the state grapples with the COVID-19 pandemic.
“The New York Stock Exchange belongs in New York. If Albany lawmakers get their way, however, the center of the global financial industry may need to find a new home,” Cunningham wrote.
“While New York has remained a center of gravity for the financial industry, many employees of ‘Wall Street’ firms are migrating to Florida, Texas and other states with hospitable tax policies,” she continued.
In a letter released to the media on Thursday, Patronis encouraged Cunningham to move the exchange to Florida, saying it would benefit from its tax breaks and favorable corporate tax policies.
“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,” Patronis wrote.
He also noted that Florida’s corporate income tax rate is 4.4%, nearly one-third lower than what it is in New York (6.6%), and that Florida shares the same time zone with New York, which would make the transition much easier than if they moved the exchange to another state like Texas, which is in Central Time.
“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,” the letter concludes.
The stock exchange is not the only thing Patronis wants to bring to the Sunshine State. Last week, he sent a letter to the International Olympic Committee asking them to relocate the 2021 Olympics from Tokyo to Florida.
The NYSE was founded in May 1792 under a buttonwood tree on what is now Wall Street in New York City. The location changed several times before moving to its present location at 11 Wall Street in 1865. There is also a data center hub in Mahwah, New Jersey.