A substantial tax relief package has been introduced in Florida, providing significant benefits to families and businesses. Governor Ron DeSantis signed legislation that includes sales tax holidays, exemptions for homeowners on property and flood insurance premiums, sales tax credits for businesses, and more.
House Bill 7073, now signed into law, offers $1.07 billion in tax relief to Floridians. This package excludes the $450 million toll relief enacted earlier.
“We’ve accomplished nearly $7 billion in tax relief since I took office,” DeSantis remarked, emphasizing that the new law will provide essential relief to Florida’s families. He also noted that Floridians will now experience some of the lowest taxes in the nation.
Governor DeSantis also criticized the federal government, attributing rising inflation to its policies. He stated, “We don’t have control over the printing presses like Congress does, so we must navigate the situation as it is.”
However, despite his critique, PolitiFact highlighted that over one-third of the previous year’s proposed budget by DeSantis was funded by the federal government.
The tax relief package includes several tax holidays:
- Disaster Preparedness Holidays: June 1-14 and August 24-September 6, allowing families to purchase hurricane-related supplies tax-free.
- Back-to-School Sales Tax Holiday: July 29-August 11, offering savings on school supplies such as pens, pencils, and computers.
- Tool Time Sales Tax Holiday: September 1-7, providing tax-free purchases of tools and related items.
- Freedom Month Sales Tax Holiday: July 1-31, covering summer items like fishing supplies and outdoor equipment, as well as tax-free entry to museums and state parks.
Additionally, the package grants homeowners a one-year exemption from taxes on residential property and flood insurance premiums, complementing the $200 million relief under the My Safe Florida Home Program enacted last month.
The package also increases the cap for the Strong Families Tax Credit Program to $40 million (previously $20 million), benefiting organizations focused on child welfare. For businesses, sales tax credits are available for companies that employ individuals with disabilities.