Florida Chamber Applauds Passage of House Tax Package
Tax Reform Package Will Reduce Florida-Only Business Rent Tax
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. The Florida Chamber commends Chairman Boyd and House leadership for their effort.
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.
Take Action Now
You can help these targeted tax reforms continue to make progress by doing the following:
- Call your Senator today and urge them to reduce the Florida-only business rent tax, and
- Add your name to the list of supporters by signing the Business Rent Tax Coalition’s petition today at www.CutMyBizRent.tax.