Florida TaxWatch: Federal Shutdown Will Hurt Florida's Economy

Florida TaxWatch released a study on Tuesday which finds the continued federal shutdown, especially if extended even longer, will have a negative impact on Floridas economy as tourism suffers and capital investments are at risk.

"Tourism, retail and Florida industries that rely heavily on capital investment will be the first to feel the effects of a government shutdown," said Dominic Calabro, the president and CEO of Florida TaxWatch, on Tuesday. "Since Florida collects 70 percent of its revenue through sales and use taxes, decreased purchasing activity will negatively impact the state budget."

The report, which can be read here, also shows state revenue could decline if the shutdown is extended.