Tallahassee, Fla. (April 26, 2017) – The Florida Chamber of Commerce today applauds the Florida House of Representatives for taking a major step toward addressing much-needed targeted tax reforms by passing HB 7109, sponsored by the House Ways and Means Committee and Representative Jim Boyd (R-Bradenton).
“The reduction of the Florida-only business rent tax, along with a greater investment on research and development and sales tax holidays will provide meaningful relief to Florida businesses and families,” said CAROLYN JOHNSON, Director of Business, Economic Development and Innovation Policy for the Florida Chamber of Commerce. “The Florida Chamber commends Chairman Boyd and House leadership for their effort and looks forward to continuing the conversation in the Senate.”
This Florida Chamber-Backed Bill:
- Reduces the cost to lease business space, allowing businesses to reinvest money saved in additional employees, employee benefits or in additional capital,
- Encourages research and development (R&D) in Florida, spurring innovation, growth and high-wage jobs, and
- Provides tax relief for Florida families and makes Florida more competitive.
The Florida Chamber supports a competitive and equitable tax system. Florida is the only state in the country that charges the business rent tax, putting Florida at a competitive disadvantage to other states, especially neighboring states, when attracting new businesses. HB 7109 reduces the business rent tax by 1.5 percent for two years, and permanently reduces the tax by 0.5 percent. Additionally, the bill increases the amount of tax credits available for qualified research and development by $11 million. This will support increased innovation and high wage jobs in our state. Finally, the bill provides savings for Florida families by offering sales tax holidays for school supplies and disaster preparedness.
HB 7109 now travels to the Florida Senate for legislative action. The Florida Chamber looks forward to working with the members of the Senate to enact targeted tax reform legislation that supports jobs for Florida’s families and strengthens our state’s economic competitiveness.
Established in 1916 as Florida’s first statewide business advocacy organization, the Florida Chamber of Commerce is the voice of business and the state’s largest federation of employers, chambers of commerce and associations aggressively representing small and large businesses from every industry and every region. The Florida Chamber works within all branches of government to affect those changes set forth in the annual Florida Business Agenda, and which are seen as crucial to secure Florida’s future. The Florida Chamber works closely with its Florida Political Operations and the Florida Chamber Foundation. Visit www.FLChamber.com for more information.