Florida Chamber Tax Legislation Update
The Florida Chamber of Commerce supports efforts to lower the burden of taxation for Florida’s job creators and families. That’s why we are fighting hard at the Capitol to make sure Florida continues to have one of the best tax climates in the nation. Below is a quick recap on Florida Chamber tax-related bills that saw legislative action this week.
Reversing Course on the Insurance Premium Tax Credit (SB 378, Sen. Anitere Flores)
This is a bad-for-business bill that would increase the tax burden on over 300 insurance companies, despite the fact that they remit both the corporate income tax and insurance premium tax to the state. In an unsuccessful move designed to split the business community, the Senate filed an amendment this week that would apply savings from removing the tax credit to the business rent tax. The Florida Chamber remains opposed and testified in opposition this week prior to the Senate Appropriations Subcommittee on Finance and Tax voting Tuesday to pass the bill. To the Senate’s efforts to increase taxes on one industry while reducing taxes elsewhere, Florida Chamber President Mark Wilson told POLITICO Florida,
“Small businesses need the Legislature to begin phasing out the business rent tax. If the Senate is looking for new revenue, we suggest taxing trial lawyers who push frivolous lawsuits.”
Business Rent Tax/Tax on Tax (SB 704, Sen. Rene Garcia)
This Florida Chamber-backed bill passed Wednesday in the Senate Community Affairs Committee. It would eliminate the sales tax on the property tax portion of rent for Florida businesses, reduce the cost of leases for small businesses by lowering taxes and makes a first step in eliminating portions of the business rent tax.
Limitations on Property Tax Assessments (HB 21, Rep. Colleen Burton)
This Florida Chamber-backed bill passed the Florida House 110-3 on Thursday. The Senate companion, SB 76, still has two committee hearings remaining. HB 21 proposes an amendment to the Florida Constitution that would continue the 10 percent assessment cap that passed in 2008 and prevent the property value for tax purposes from increasing by more than 10 percent annually.
Take Action Now
For more information about where the Florida Chamber stands on these and other taxation-related issues, click here or contact me at email@example.com to join our fight to secure Florida’s future.