Targeted Tax Reform Package Heads to Full Senate- Will Help Lower Cost of Living and Doing Business
The Florida Chamber applauds the Florida Senate Appropriations Committee for their commitment to lowering the cost of living and cost of doing business in Florida by passing a targeted tax reform package today.
“The Florida Senate Appropriations Committee took a positive step today by passing several of the Florida Chamber’s targeted tax reform priorities,” said David Hart, Executive Vice President of the Florida Chamber of Commerce. “We commend the House and Senate for their work on negotiating a meaningful tax cut package and we look forward to seeing it become law.”
Driving a fair and equitable tax system is key to attracting and retaining businesses in Florida. Limiting burdensome taxes by enacting smart and targeted tax reforms help place money back into the pockets of Florida’s families.
The Targeted Tax Reforms in HB 33A Would:
- Reduce communications services tax by 1.73 percent,
- Increase the research and development tax credit from $9 million to $23 million for 2016,
- Extend bonuses in enterprise zones for two years for companies currently receiving bonuses, and
- Create a 10 day Back-to-School Sales Tax Holiday.
The bill will now go to the Senate Floor and return to the Florida House for amendments or passage.
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