The Florida Senate Appropriations Committee today advanced a Florida Chamber-backed tax reform package that supports job growth and strengthens Florida’s economic competitiveness. HB 7109 removes uncompetitive tax policies like the Florida-only business rent tax. The tax package that advanced today includes:
- A first step in fully repealing the Florida-only business rent tax (a .2 percent reduction),
- Provides $18 million in available tax credits for qualifying R&D in the 2018 application period, and
- Tax cuts for families, including a three-day back-to-school sales tax holiday.
The bill now travels to the full Florida Senate for a vote and will also need to pass the House before Friday, the scheduled conclusion of the Legislature’s 60-day session. The Florida Chamber thanks Representative Jim Boyd and Senator Kelli Stargel for their work on this tax package.
Be the First to Know
Be among the first to know what passed, what failed, the details of Florida’s newly passed budget, and if lawmakers worked to make Florida more competitive when the Florida Chamber releases its end of session report on Friday, May 5 – the final day of the 2017 Legislative Session. Don’t miss out on this exclusive member benefit. Email Christi McCray today.