"I'm not comfortable this is a project we should be doing," Scott said at a press conference Wednesday.
The move effectively rejects $2 billion in federal funding approved for the project by President Barack Obama. It also brings the hammer down on thousands of potential jobs that would be created because of construction.
Federal money was slated to pay for 90 percent of the project, with the state paying the remainder.
Scott said he would rather spend taxpayer money on improving the current state road system than take the money for a futuristic train that he doesn't think will have the ridership that is projected.
Not all Republicans are happy with the decision.
"This is a huge setback for the state of Florida, our transportation, economic development, and important tourism industry," said U.S. Rep. John Mica, who worked to secure the money for Florida. "I have urged the governor to reconsider going forward and allow the private sector to assume the risk and any future costs for the project."