Florida tax relief is a new law that Gov. Ron DeSantis recently signed into law. It will provide $1.2 billion in tax relief and ten new sales tax holidays to Florida residents. This will give them extra cash to spend on basic necessities like diapers, clothing, and disaster supplies. The legislation also includes many business tax breaks, including an increase in the corporate income tax credit and ad valorem tax exemptions.Get Relief from Taxes Now
The state has been experiencing a tough economic environment and Florida tax relief is a welcome move. With the state’s unemployment rate hovering around 10 percent, this move by DeSantis is expected to reduce a number of costs. For example, gas will cost less this October. This means that drivers can expect to save as much as $.25 per gallon. The new tax relief bill is likely to result in even more tax relief for Florida residents.
In addition to the back-to-school tax holiday, the new tax relief bill also includes a number of other tax breaks. House Bill 7071, a tax-cutting bill that was crafted by the House Ways and Means Committee, offers a third week of tax relief and many new tax credits and exemptions. This bill passed both the House and Senate unanimously. It was signed into law by Gov. Ron DeSantis on Thursday, 117-1. There was only one dissenting vote, which came from Rep. Omari Hardy.
The new bill also restores the unemployment fund to $4 billion and lowers the Florida business rental tax. This tax is unique to Florida and is charged to commercial leases.
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