Economy

Gov. DeSantis Signs Largest Tax Relief Bill With Tax Breaks From Florida

Aman Jain

Published: May 30, 2023 10:05 pm

Florida Gov. Ron DeSantis signed a $1.3 billion tax relief package last week that is referred to as the largest tax relief plan in Florida’s history. The tax breaks from Florida include a series of tax holidays, as well as permanent sales-tax exemptions for certain products.

Permanent Sales-Tax Exemption On Many Products

On Thursday, Gov. DeSantis signed a $1.3 billion tax relief package, bringing the total relief during the fiscal year 2023–2024 up to $2.7 billion, including housing initiatives and the Toll Relief program. Earlier this month, lawmakers unanimously approved the package (HB 7053).

DeSantis didn’t hold a public event to sign the tax relief bill, but rather issued a statement informing about the same. The governor noted that Florida families are struggling due to inflation because of “President Biden’s disastrous economic policies.”

“But in Florida, we are ensuring that our state’s economic success gets passed on to the people that made it possible. I will continue to push smart fiscal policy that will allow Florida families to keep more of their hard-earned money in their pockets,” Gov. DeSantis said.

Gov. DeSantis’ office called it the largest tax relief plan in Florida’s history. The tax breaks from Florida include a permanent exemption for baby and toddler necessities, such as strollers, cribs, diapers, child safety products, bottles and baby wipes.

Permanent sales tax exemptions now also apply to oral hygiene products, such as toothbrushes and toothpaste, as well as to firearm safety devices. The tax relief package also includes a one-year sales tax exemption on gas stoves and Energy Star appliances.

Other Tax Breaks From Florida

Other tax breaks from Florida include two back-to-school sales tax holidays of 14-days each, two disaster preparedness sales tax holidays also of 14-days each, and a freedom summer sales tax holiday on recreational items and children’s toys (from Memorial Day through Labor Day).

Gov. DeSantis gave his approval to the bill two days before the start of a disaster-preparedness holiday. This holiday exempts people from paying sales tax on several storm supplies and household goods. The disaster-preparedness holiday is scheduled around the start of hurricane season.

Moreover, the “Freedom Summer” sales tax holiday will allow residents to avoid paying sales taxes on movie tickets, musicals and sporting events, camping and fishing equipment, boating supplies and children’s athletic equipment.

Additionally, to help small businesses, the tax relief package lowers the tax on business rent from 5.5% currently to 4.5%, effective Dec. 1, 2023.

As noted above, these tax breaks from Florida add to the tax relief measures that Gov. DeSantis enacted earlier this year. The Toll Relief program, which started in January, provides commuters with 35 or more toll transactions per month, a credit of 50%. This program could help average commuters save about $480 a year.

Visit this link to get more information on the tax breaks from Florida.

This article originally appeared on ValueWalk