Today, Governor Rick Scott signed HB 7109, which cuts taxes by $180 million for Florida families and businesses. This brings the total amount of taxes cut since Governor Scott has been in office to more than $6.7 billion.
Governor Scott said, “I’m proud to sign this legislation today that cuts more than $180 million in taxes for Florida families and businesses. Since I’ve been in office, I’ve fought to cut taxes and reduce burdensome regulations to help boost Florida’s economy and ensure our children and grandchildren have the opportunity to succeed in our great state. Every time we cut taxes, we are encouraging businesses of all sizes to create opportunities for families across the state and more money is put back in taxpayers’ pockets.”
The $180 million tax cut package includes:
- Decreasing the Tax on Business Rents by $61 Million –
Florida is the only state that has a tax on commercial leases which unfairly targets small businesses. This legislation reduces the tax on commercial leases by 0.2 percent in 2018, saving Florida businesses $61 million a year.
- Sales Tax Holidays to Save Families $37.9 Million – The tax cut package includes two sales tax holidays, which will save Florida families an estimated $37.9 million in the upcoming fiscal year. These sales tax holiday savings include:
o $33.4 million from a 3-day back-to-school sales tax holiday (August 4-6, 2017).
o $4.5 million from a 3-day disaster preparedness sales tax holiday (June 2-4, 2017). For more information visit www.floridarevenue.com.
- Cutting Taxes for Low-Income Floridians and Florida Seniors: $32.7 million.
o $6.9 million by expanding the property tax exemption for Assisted Living Facilities beginning in 2017.
o $25.8 million by providing a 50 percent discount in property taxes to certain multifamily, low-income housing projects.
To view a copy of the transmittal letter, click HERE.
To see the full bill, which includes the additional tax cuts, click HERE.