By: Carolyn Johnson, Vice President of Government Affairs, Florida Chamber of Commerce
July 1 marks the beginning of Florida’s fiscal year, and the recently signed $116.5 billion budget includes a number of investments that will continue Florida’s momentum toward becoming a top-10 global economy by 2030. Boosted by revenues resulting from Florida’s rapidly growing economy, the FY 2023-2024 budget funds the 5-year Transportation Work Program at a record $13.6 billion and includes an additional $4 billion for the Governor’s Moving Florida Forward initiative to accelerate 20 congestion relief projects. The budget funds over $100 million to expand access to broadband internet to small and rural communities, provides $25 million toward the Rural Infrastructure Fund, and $711 million for workforce housing programs. The budget also includes $635 million to boost workforce education programs, including $125 million to expand nursing education.
The Florida Chamber-backed $2.7 billion tax relief package includes a two-year extension on the natural gas fuel tax exemption, a permanent sales tax exemption for machinery and equipment used to produce or store renewable natural gas, and a one percent reduction in the Florida-only business rent tax beginning December 1, 2023. The tax package also includes a number of sales tax holidays for Florida families, including two two-week Back to School sales tax holidays, two Natural Disaster Preparedness sales tax holidays, and a “Freedom Summer.”
This year’s budget and tax package helps advance the following Florida 2030 Blueprint goals:
- Greater than 80% of Florida’s workforce has essential employability skills
- Rural county share of Florida gross domestic product doubles
- Top 5 state for manufacturing jobs
- Diverse, attainable housing to meet future demand
- All major population and economic centers connected to regional, national and global markets by high-capacity corridors
- World’s most capable spaceport; top-tier airports, seaports and surface transportation hubs
- Diverse and reliable energy, water, and waste management resources to meet future demand
- 100% of Florida residents have access to high-speed communications connectivity
- #1 business tax climate in the nation
- Less than 10% of Florida residents live in housing cost-burdened households
For a more extensive overview of the FY 2023-2024 budget and tax package, CLICK HERE>.