Taxpayers in Florida will be Saving more than $1.2 Billion as DeSantis signs Largest Tax Cut in Florida history
The new bill is set to generate nearly $190 Million in tax savings over two years and $140 Million a year afterward...
Last week, Ron DeSantis signed the largest tax relief bill in Florida history which would deliver $1.2 Billion in savings to the citizens of Florida. The HB 7071 law was signed into law and includes permanent tax relief through a range of sales tax exemptions, corporate income tax credit expansions, ad valorem tax, and exemption provisions. The new bill is set to generate nearly $190 Million in tax savings over two years and $140 Million a year afterward. Along with the savings the new law creates and expands 10 sales tax holidays.
“Florida’s economy has consistently outpaced the nation, but we are still fighting against inflationary policies imposed on us by the Biden administration. In Florida, we are going to support our residents and help them afford the goods that they need. Florida has been fiscally responsible, so we are in a good position to provide meaningful relief for families, right now.”
Speaker Chris Sprowls said because of “reckless federal spending [that] sent inflation rates spiraling higher than we’ve seen in generations,” the “largest middle-class tax relief package in the history of the state,” was needed. “From tools to diapers to books for summer reading, this billion-dollar tax package includes something for every Floridian,” he added.
“Florida cannot independently fix or outrun all of the problems leading to the cost increases that are wreaking havoc on families, especially our most vulnerable. However, we are working to ease the pain with broad-based sales tax relief and a month-long gas tax holiday.”
Senate President Wilton Simpson commented.
The new law is meant to support “growing families, Floridians looking to prepare their homes for severe weather, and the blue-collar working men and women of our state who are trying their best to get by amid record-high gas prices and inflation that many of us have not seen in our lifetime,” he said. “We are increasing the length of sales tax holidays for hurricane season and back-to-school, and also creating new short-term and long-term sales tax relief on key items needed by families.”
Florida Department of Revenue has published a list and a printable calendar of all the sales tax holidays and exemption periods if you would like to check it out yourself!