In a significant move aimed at providing financial relief to Florida families, Governor Ron DeSantis has signed the largest tax relief plan in the state’s history. The tax relief package, which amounts to $2.7 billion, is set to benefit Florida residents during the 2023–2024 fiscal year.
This comprehensive tax relief plan encompasses various measures designed to ease the financial burden on Floridians and stimulate the state’s economy. Highlights of the package include:
Permanent Exemption for Baby and Toddler Necessities
The plan introduces a permanent sales tax exemption for essential baby and toddler items such as strollers, cribs, diapers, baby wipes, child safety products, bottles, and clothing and shoes for children under the age of 5. This exemption aims to alleviate the costs associated with raising young children and is expected to save Florida families nearly $234 million.
Multiple Sales Tax Holidays
The package includes a series of sales tax holidays, offering further savings to consumers. These holidays cover a range of goods, including school supplies, disaster preparedness items, recreational items, and more. Notable among these are the back-to-school sales tax holidays, the disaster preparedness sales tax holidays, and the Freedom Summer sales tax holiday, which will last from Memorial Day to Labor Day.
Gas Stove and Energy Star Appliances Exemption
Florida residents will benefit from a one-year sales tax exemption on gas stoves and Energy Star appliances, contributing to savings on household expenses.
Business Rent Tax Rate Reduction
To support small businesses, the tax rate on business rent will be reduced from 5.5% to 4.5%, effective December 1, 2023, enabling businesses to retain more of their profits.
Governor DeSantis emphasized that this tax relief plan aims to counteract inflationary pressures felt by Florida families due to broader economic policies. By putting money back into the pockets of its residents, Florida seeks to strengthen its communities and boost economic prosperity.
The tax relief package builds upon previous measures enacted by Governor DeSantis, including the Toll Relief program and the Live Local Act. The Toll Relief program offers substantial savings to frequent commuters. At the same time, the Live Local Act incentivizes housing development and provides tax incentives and sales tax refunds on building materials, ultimately supporting Florida families in accessing affordable housing.
With these combined efforts, Florida aims to alleviate financial stress, stimulate its economy, and enhance the quality of life for its residents.
Original Article By FLGOV Staff- FLGOV