$150 Million in Possible Tax Savings
By: Florida Chamber of Commerce
Initial Florida House Tax Package Offers $150 Million in Savings
Florida families and job creators could see savings on cell phones, the business rent tax, back-to-school shopping and more under the initial tax package the Florida House proposed. In total, the House’s tax package calls for $150 million in savings, and is a starting point as the House and Senate prepare to negotiate the state’s budget in the remaining weeks of the 2020 Legislative Session.
The House’s tax savings package includes Florida Chamber-backed targeted tax savings, including:
• A reduction of the Communications Services Tax by 0.5 percent,
• A reduction of the Business Rent Tax from 5.5 to 5.4 percent, or $30 million,
• A three-day back-to-school sales tax holiday on clothing less than $60, and on the first $1,000 on computers, and
• A seven-day disaster preparedness sales tax holiday.
The initial House tax package also included other tax policy changes, some that would impact industries differently. These changes include:
• Allowing the use of Tourism Development Tax dollars for water quality improvement projects,
• Changing how the property tax exemption is calculated for non-profit hospitals,
• Increasing the aviation fuel tax refund for certain carriers from 1.41 cents per gallon to 2.38 cents per gallon,
• Allowing the use of the local option food and beverage tax to be used for water quality improvement projects, and
• An increase in the brownfields tax credit.
The Senate will release its tax proposals in the coming weeks. The Florida Chamber will continue to monitor in an effort to advocate for smarter and competitive tax policies. Join us in this effort by signing this petition.
Share the Impact to Your Business
Contact Carolyn Johnson at 850-521-1235 or email@example.com to share how some of these proposals will impact your business.