This month, the state legislature has passed HB 7071, a bill that includes tax breaks and a series of sales tax holidays. This tax relief package is the largest middle-class tax relief package in the state’s history. Florida voters will benefit from lowered gas prices, a one-month Fuel Tax Holiday, and more. Earlier this year, the legislature also lowered the gas tax by 25 cents a gallon.
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The tax relief plan has many benefits for Floridians, but it’s not a cure-all for the state’s high inflation rate. Thousands of essential items will be tax-free in Florida over the next few months. One of the most popular tax breaks will be on gas. Drivers will save approximately $0.25 per gallon during this time. This tax break applies to all goods purchased during the calendar year, not just food and gas.
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Among the benefits of the bill are sales-tax breaks on some items. For example, a Jacksonville parent will save an estimated $65 per year on diapers. Tax-free items also include disaster supplies, gas, tools for skilled trades, and recreational activities. See the full list of exempt items here. This tax relief plan is designed to help Floridians get more out of their paychecks. This package is designed to help Florida residents stay healthy and save money.
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Florida also offers several tax incentives to help Florida businesses succeed. A new state code requires the tax collector to abate the property taxes of parcels destroyed by a calamity. The property appraiser must notify the owner. Another new law provides a pro-rated refund of property taxes for uninhabitable, residential properties. Under the law, a “catastrophic event” is an occurrence that is not the property owner’s fault. In addition, the law provides that residential property owners will be eligible to receive a portion of their property taxes for 30 days following the destruction of their residential property.
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