Florida Tax Relief – Governor DeSantis Signs HB 7071
Governor Ron DeSantis recently signed the largest Florida tax relief package in history, HB 7071. The measure offers permanent tax relief and expands corporate income tax credits and ad valorem tax exemptions. It will also give Floridians up to $190 million in additional tax savings over the next two years. The bill also extends certain sales tax holidays, making it easier for Floridians to purchase everyday items like gas, diapers, and outdoor activities supplies.
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Florida Democrats are not happy about the tax relief bill and have been crying foul since it was announced. The Democrats claim that the plan was pushed through with federal funds, which Governor DeSantis opposed. In addition, they’ve filed a lawsuit against Governor DeSantis over the decision to expand Disney’s Reedy Creek district. They claim that this move was meant to punish Disney. Nevertheless, Florida’s gas prices are likely to drop by 25 cents per gallon due to the state’s tax relief plan.
The bill will also help Florida businesses. It will reduce the Florida business rental tax, which is unique to the state. Currently, it is 5.5 percent when commercial leases are made in the state. However, SB 50 will reduce this tax to just 2 percent.