Dec. 13, 2024: Florida’s Reemployment Tax Rate Remains at Lowest Possible Rate
FOR IMMEDIATE RELEASE: Dec. 13, 2024
Contact: Bethany Wester, Communications Director, (850) 617-8214, communications@floridarevenue.com
Florida’s Reemployment Tax Rate Remains at Lowest Possible Rate
Tallahassee, Fla. - Today, the Florida Department of Revenue announced that approximately 61% of Florida’s employers will continue to pay the lowest possible rate for reemployment taxes in 2025. This is the tenth consecutive year employers are benefitting from the low rate of 0.1 percent. Those contributions go toward a program that helps Florida's job seekers become reemployed.
In 2021, legislation passed by the Florida Legislature and signed by Governor DeSantis maintained the lowest possible rate by removing benefit claims charged to employers from April 2020 through December 2020 and excluding the positive adjustment factor from the reemployment tax rate calculation. In accordance with this legislation, the 2025 rate calculation has reverted to the pre-2021 calculation to include all benefit charges and the positive adjustment factor. This is because the Unemployment Compensation Trust Fund (UCTF) was less than 4 percent of taxable Florida wages as of September 30, 2024. The positive adjustment factor was not needed for the 2025 rate calculation because the UCTF exceeded the minimum threshold.
"Florida’s economy has shown tremendous growth over the last four years," said Florida Department of Revenue Executive Director Jim Zingale. "This low tax rate will contribute to continued positive growth by helping our state’s employers maintain a competitive workforce."
"Under Governor DeSantis’ leadership, Florida business owners will continue to pay the lowest possible reemployment tax rate, just another example of how our state lets businesses do business, encouraging growth and confidence in our economy,” said Florida Secretary of Commerce J. Alex Kelly. “Since 2019, 3.3 million new businesses have been formed in Florida - more than any other state in the nation; maintaining a low-tax climate is essential to remaining competitive in our target industries and ultimately supporting Florida’s job seekers and job creators."
Employers pay a percentage only on the first $7,000 of wages paid to each employee. Florida is one of only four states with a $7,000 wage base; all remaining states have a higher wage base. Employers with stable employment receive the lowest rate. Reemployment taxes, or payroll taxes, fund Florida's UCTF. This fund currently has a balance of more than $4.5 billion.
More information about the reemployment assistance tax rate is available here.
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About the Florida Department of Revenue: The Florida Department of Revenue administers the State of Florida's General Tax Administration,
Property Tax Oversight and Child Support programs. The Department's mission is to provide excellent and efficient service through the fair and consistent
administration of Florida's tax and child support laws in order to simplify the process of compliance. To learn more about the Department of Revenue, visit
floridarevenue.com. Sign up to receive press releases at floridarevenue.com/dor/subscribe.
Oct. 17, 2024: Florida Department of Revenue Extends Filing Due Dates for Florida Businesses
FOR IMMEDIATE RELEASE: Oct. 17, 2024
Contact: Bethany Wester, Communications Director, (850) 617-8214, communications@floridarevenue.com
Florida Department of Revenue Extends Filing Due Dates for Florida Businesses
Tallahassee, Fla. - Florida Department of Revenue (Department) Executive Director Jim Zingale issued
Emergency Order #24-003, expanding Emergency Order 24-002 to extend certain filing due dates
for Florida businesses located in counties affected by Hurricane Milton. The order extends September 2024 and October 2024 reporting periods for sales and use tax,
reemployment tax, and several other tax types to November 22, 2024, for seven additional Florida counties: Collier, Glades, Highlands, Indian River, Orange, Polk,
and St. Lucie. This extension is intended to ensure fairness and consistency in tax administration for those affected by the storm.
This means taxpayers in these counties with returns, reports, and payments due on or after September 23, 2024, and on or before November 22, 2024, are now due
on November 22, 2024. Electronic returns and payments must be initiated on or before November 21, 2024, at 5:00 p.m. EST. Taxpayers in these counties will not
receive notices for late filing or failure to file if they file by the extended due date but may receive correspondence related to any filing made during the
extension period.
The Department realizes that certain businesses outside these counties also suffered severe losses that directly affected and continue to affect their
ability to file tax returns and pay their taxes. The Department will work with all affected taxpayers on a case-by-case basis.
Those businesses affected by this order or by the storm who have questions regarding the order may contact Taxpayer Services at (850) 488-6800 or by email at
GTAHurricaneHelp@floridarevenue.com.
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About the Florida Department of Revenue: The Florida Department of Revenue administers the State of Florida's General Tax Administration,
Property Tax Oversight and Child Support programs. The Department's mission is to provide excellent and efficient service through the fair and consistent
administration of Florida's tax and child support laws in order to simplify the process of compliance. To learn more about the Department of Revenue, visit
floridarevenue.com. Sign up to receive press releases at floridarevenue.com/dor/subscribe.
Oct. 2, 2024: Florida Department of Revenue Extends Filing Due Dates for Florida Businesses
FOR IMMEDIATE RELEASE: Oct. 2, 2024
Contact: Bethany Wester, Communications Director, (850) 617-8214, communications@floridarevenue.com
Florida Department of Revenue Extends Filing Due Dates for Florida Businesses
Tallahassee, Fla. – Florida Department of Revenue (Department) Executive Director Jim Zingale issued Emergency Order #24-002, extending certain filing due dates for Florida businesses located in counties impacted by Hurricane Helene. The order extends September 2024 and October 2024 reporting periods for sales and use tax, reemployment tax, and several other tax types to November 22, 2024, for the 17 counties in Florida where Hurricane Helene made landfall: Charlotte, Citrus, Dixie, Franklin, Hernando, Hillsborough, Jefferson, Lafayette, Lee, Levy, Madison, Manatee, Pasco, Pinellas, Sarasota, Taylor, and Wakulla. This extension is intended to ensure fairness and consistency in tax administration for those affected by the storm.
This means taxpayers in these counties with returns, reports, and payments due on or after September 23, 2024, and on or before November 22, 2024, are now due on November 22, 2024. Electronic returns and payments must be initiated on or before November 21, 2024, at 5:00 p.m. EST. Taxpayers in these counties will not receive notices for late filing or failure to file if they file by the extended due date but may receive correspondence related to any filing made during the extension period.
The Department realizes that certain businesses outside these 17 counties also suffered severe losses that directly affected and continue to affect their ability to file tax returns and pay their taxes. The Department will work with all affected taxpayers on a case-by-case basis.
Those businesses affected by this order or by the storm who have questions regarding the order may contact Taxpayer Services at (850) 488-6800 or by email at GTAHurricaneHelp@floridarevenue.com.
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About the Florida Department of Revenue: The Florida Department of Revenue administers the State of Florida's General Tax Administration,
Property Tax Oversight and Child Support programs. The Department's mission is to provide excellent and efficient service through the fair and consistent
administration of Florida's tax and child support laws in order to simplify the process of compliance. To learn more about the Department of Revenue, visit
floridarevenue.com. Sign up to receive press releases at floridarevenue.com/dor/subscribe.
June 27, 2024: Florida Department of Revenue Announces Florida's Freedom Month Sales Tax Holiday Begins July 1
FOR IMMEDIATE RELEASE: June 27, 2024
Florida Department of Revenue Announces Florida's Freedom Month Sales Tax Holiday Begins July 1
Florida's Freedom Month Sales Tax Holiday has been passed by the
Florida Legislature and signed into law by Gov. Ron DeSantis.
TALLAHASSEE, Fla. - Today, the Florida Department of Revenue announced that consumers can purchase qualifying recreation and outdoor supplies and admissions to entertainment and cultural events exempt from tax during the Freedom Month Sales Tax Holiday. Passed by the Florida Legislature and signed into law by Governor Ron DeSantis, the sales tax holiday begins Monday, July 1 and extends through Wednesday, July 31.
“Our state is home to natural beauty from the Panhandle to the Keys, and we have an excellent array of arts, sports, and cultural events,” said Jim Zingale, Executive Director of the Florida Department of Revenue. “The Freedom Month Sales Tax Holiday is a great opportunity for consumers to save money on admissions and outdoor supplies while they enjoy all Florida has to offer this summer.”
The Freedom Month Sales Tax Holiday will remove the sales tax on items families use during the month, including:
Boating and water activity supplies:
- Goggles and snorkels ($25 or less)
- Pool toys ($35 or less)
- Coolers, Life jackets, Paddles ($75 or less)
- Inflatable water tubes and floats, Wakeboards ($150 or less)
- Paddleboards, Surfboards ($300 or less)
- Canoes, Kayaks ($500 or less)
Fishing Supplies:
- Bait and Tackle ($5 or less for individual items, $10 or less for multiple items sold together)
- Tackle boxes ($30 or less)
- Reels, Rods ($75 or less)
Camping Supplies:
- Flashlights ($30 or less)
- Sleeping bags, Camping chairs ($50 or less)
- Tents ($200 or less)
Outdoor Supplies:
- Sunscreen ($15 or less)
- Water bottles ($30 or less)
- Bicycle helmets ($50 or less)
- Outdoor grills ($250 or less)
- Bicycles ($500 or less)
Admissions to events or performances scheduled to be held between July 1, 2024 and December 31, 2024:
- Live music events
- Live sporting events
- Movies to be shown in a movie theater
- Ballets
- Plays
- Fairs
- Festivals
Admissions purchased for any of the following:
- Museums, including annual passes
- State parks, including annual passes
- Season tickets for ballets, plays, music events, and musical theater performances
This Tax Information Publication (TIP) provides detailed information on qualifying items, including boating, water activity, camping, fishing, residential pool, and other outdoor supplies, as well as admissions to live music and sports events, museums, state parks, and more. Qualifying electric scooters selling for $500 or less are new to the sales tax holiday this year. Please see the TIP for specific qualifications.
For more information and promotional materials for consumers, businesses, and other interested parties please visit floridarevenue.com/FreedomMonth.
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About the Florida Department of Revenue: The Florida Department of Revenue administers the State of Florida's General Tax Administration,
Property Tax Oversight and Child Support programs. The Department's mission is to provide excellent and efficient service through the fair and consistent
administration of Florida's tax and child support laws in order to simplify the process of compliance. To learn more about the Department of Revenue, visit
floridarevenue.com. Sign up to receive press releases at floridarevenue.com/dor/subscribe.
August 20, 2024: Disaster Preparedness and Tool Time Sales Tax Holidays Start Soon
FOR IMMEDIATE RELEASE: August 20, 2024
Disaster Preparedness and Tool Time Sales Tax Holidays Start Soon
Two sales tax holidays will begin in late August and early September.
Tallahassee, Fla. - Consumers can purchase qualifying items exempt from tax during two sales tax holidays that begin on Saturday, August 24 and Sunday, September 1, 2024. The exemptions apply to both in-store and online purchases.
Disaster Preparedness Sales Tax Holiday, August 24 – September 6, 2024. “All Floridians should be prepared for natural disasters,” said Jim Zingale, Executive Director of the Florida Department of Revenue. “This hurricane season is predicted to be unusually active. This sales tax holiday will help consumers save when they build their emergency supply kits.”
- $10 or less
- Wet dog or cat food if sold individually or the equivalent if sold in a box or case
- $15 or less
- Manual can openers
- Collapsible or travel-sized food or water bowls for pets
- Cat litter pans
- Pet waste disposal bags
- Hamster or rabbit substrate
- $20 or less
- Reusable ice
- Leashes, collars, and muzzles for pets
- Pet pads
- $25 or less
- Cat litter weighing 25 or fewer pounds
- $40 or less
- Portable self-powered light sources
- Pet beds
- $50 or less
- Portable self-powered radios, two-way radios, or weather-band radios
- Gas or diesel fuel tanks
- Batteries, including rechargeable batteries, listed sizes only:
- AA-cell
- AAA-cell
- C-cell
- D-cell
- 6-volt
- 9-volt
- $60 or less
- Nonelectric food storage coolers
- Portable power banks
- $70 or less
- Smoke detectors or smoke alarms
- Fire extinguishers
- Carbon monoxide detectors
- $100 or less
- Tarpaulins or other flexible waterproof sheeting
- Ground anchor systems
- Portable pet kennels or pet carriers
- Dry dog or cat food weighing 50 or fewer pounds
- Over-the-counter pet medications
- $3,000 or less
- Portable generators used to provide light or communications or to preserve food in a power
outage
For a complete list of qualifying items, visit floridarevenue.com/DisasterPrep.
Tool Time Sales Tax Holiday, September 1-7, 2024. “With so many people moving into our state, we need trade workers more than ever. This sales tax holiday will help them save on some out-of-pocket expenses as they build their careers,” said Zingale
- $25 or less
- $30 or less
- High-visibility safety vests
- $50 or less
- Hand tools
- Safety glasses ($50 or less per pair
or the equivalent if sold in sets of more than one pair)
- Protective coveralls
- Duffle bags or tote bags
- LED flashlights
- Shovels
- Rakes
- Fuel cans
- $75 or less
- Tool boxes
- Hearing protection items
- $100 or less
- Tool belts
- Electrical voltage and testing equipment
- Shop lights
- Hard hats and other head protection
- $125 or less
- Industry textbooks and code books
- $150 or less
- Power tool batteries
- Handheld pipe cutters
- Drain opening tools
- Plumbing inspection equipment
- $175 or less
$250 or less
$300 or less
- Power tools
- Tool boxes for vehicles
For a complete list of qualifying items, visit floridarevenue.com/ToolTime.
The Department of Revenue has provided information about all Florida’s sales tax holidays and exemption periods, including a video and printable calendar, at floridarevenue.com/SalesTaxHolidays.
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About the Florida Department of Revenue: The Florida Department of Revenue administers the State of Florida's General Tax Administration,
Property Tax Oversight and Child Support programs. The Department's mission is to provide excellent and efficient service through the fair and consistent
administration of Florida's tax and child support laws in order to simplify the process of compliance. To learn more about the Department of Revenue, visit
floridarevenue.com. Sign up to receive press releases at floridarevenue.com/dor/subscribe.
July 25, 2024: Governor Ron DeSantis Announces the Back-to-School Sales Tax Holiday
FOR IMMEDIATE RELEASE: July 25, 2024
Contact: Governor's Press Office, (850) 717-9282, media@eog.myflorida.com
Governor Ron DeSantis Announces the Back-to-School Sales Tax Holiday
AVENTURA, Fla. - Today, Governor Ron DeSantis announced the Back-to-School Sales Tax Holiday,
which begins on Monday, July 29, and runs for two weeks, ending on Sunday, August 11. The sales tax holiday will help
families to save money on items their students need for the new school year.
"I am proud to announce the return of the annual Back-To-School Sales Tax Holiday," said Governor Ron DeSantis.
"Our great financial standing means we can give money back to the taxpayers through various forms of toll and tax relief.
I hope this Back-To-School Sales Tax Holiday helps as families prepare for the coming school year."
The Back-to-School Sales Tax Holiday includes items such as:
- School supplies selling for $50 or less per item, such as:
- Binders
- Notebooks
- Pens and pencils
- Lunch boxes
- Learning aids selling for $30 or less per item, such as:
- Interactive Books
- Jigsaw Puzzles
- Other toys that teach reading or math skills
- Clothing and footwear selling for $100 or less per item, such as:
- Backpacks
- Pants
- Shoes
- Shirts
- Sweaters
- Personal computers and related accessories purchased for noncommercial home or personal use selling for $1,500 or less
per item, such as:
- Laptops
- Flash drives
- Printers
- Headphones
The Back-to-School Sales Tax Holiday is in addition to the Freedom Summer Sales Tax Holiday which is running through
July 31, 2024. The Freedom Summer Sales Tax Holiday makes items such as fishing supplies, outdoor recreation equipment,
and admission to state parks and museums sales tax free.
For more information and to view lists of qualifying items, visit the
Department of Revenue's Back-to-School Sales Tax Holiday website here.
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June 27, 2024: Florida Department of Revenue Announces Florida's Freedom Month Sales Tax Holiday Begins July 1
FOR IMMEDIATE RELEASE: June 27, 2024
Florida Department of Revenue Announces Florida's Freedom Month Sales Tax Holiday Begins July 1
Florida's Freedom Month Sales Tax Holiday has been passed by the
Florida Legislature and signed into law by Gov. Ron DeSantis.
TALLAHASSEE, Fla. - Today, the Florida Department of Revenue announced that consumers can purchase qualifying recreation and outdoor supplies and admissions to entertainment and cultural events exempt from tax during the Freedom Month Sales Tax Holiday. Passed by the Florida Legislature and signed into law by Governor Ron DeSantis, the sales tax holiday begins Monday, July 1 and extends through Wednesday, July 31.
“Our state is home to natural beauty from the Panhandle to the Keys, and we have an excellent array of arts, sports, and cultural events,” said Jim Zingale, Executive Director of the Florida Department of Revenue. “The Freedom Month Sales Tax Holiday is a great opportunity for consumers to save money on admissions and outdoor supplies while they enjoy all Florida has to offer this summer.”
The Freedom Month Sales Tax Holiday will remove the sales tax on items families use during the month, including:
Boating and water activity supplies:
- Goggles and snorkels ($25 or less)
- Pool toys ($35 or less)
- Coolers, Life jackets, Paddles ($75 or less)
- Inflatable water tubes and floats, Wakeboards ($150 or less)
- Paddleboards, Surfboards ($300 or less)
- Canoes, Kayaks ($500 or less)
Fishing Supplies:
- Bait and Tackle ($5 or less for individual items, $10 or less for multiple items sold together)
- Tackle boxes ($30 or less)
- Reels, Rods ($75 or less)
Camping Supplies:
- Flashlights ($30 or less)
- Sleeping bags, Camping chairs ($50 or less)
- Tents ($200 or less)
Outdoor Supplies:
- Sunscreen ($15 or less)
- Water bottles ($30 or less)
- Bicycle helmets ($50 or less)
- Outdoor grills ($250 or less)
- Bicycles ($500 or less)
Admissions to events or performances scheduled to be held between July 1, 2024 and December 31, 2024:
- Live music events
- Live sporting events
- Movies to be shown in a movie theater
- Ballets
- Plays
- Fairs
- Festivals
Admissions purchased for any of the following:
- Museums, including annual passes
- State parks, including annual passes
- Season tickets for ballets, plays, music events, and musical theater performances
This Tax Information Publication (TIP) provides detailed information on qualifying items, including boating, water activity, camping, fishing, residential pool, and other outdoor supplies, as well as admissions to live music and sports events, museums, state parks, and more. Qualifying electric scooters selling for $500 or less are new to the sales tax holiday this year. Please see the TIP for specific qualifications.
For more information and promotional materials for consumers, businesses, and other interested parties please visit floridarevenue.com/FreedomMonth.
# # #
About the Florida Department of Revenue: The Florida Department of Revenue administers the State of Florida's General Tax Administration,
Property Tax Oversight and Child Support programs. The Department's mission is to provide excellent and efficient service through the fair and consistent
administration of Florida's tax and child support laws in order to simplify the process of compliance. To learn more about the Department of Revenue, visit
floridarevenue.com. Sign up to receive press releases at floridarevenue.com/dor/subscribe.
June 13, 2024: Florida Department of Revenue Welcomes 2024-2025 Budget Provisions for Critical Operations
FOR IMMEDIATE RELEASE: June 13, 2024
Florida Department of Revenue Welcomes 2024-2025 Budget Provisions for Critical Operations
Tallahassee, Fla. - Today, Florida Department of Revenue Executive Director Jim Zingale issued the following statement in response to Governor Ron DeSantis’ signing of the 2024-2025 Focus on Florida’s Future Budget:
“I am very pleased with the 2024-2025 Focus on Florida’s Future budget outcomes for the Department of Revenue, and I am eager to begin working toward the operational and strategic goals we can now achieve in the coming fiscal year. The Department is committed to applying every resource to serve Floridians. From enhancing and securing our technology resources to supporting our talented workforce, each budget outcome enables the Department to continue providing effective, quality services.”
The Focus on Florida’s Future budget includes $62.2 million for the Department’s technology improvements:
- A new tax eFile and pay system
- A significant upgrade to the Child Support Automated Management System (CAMS)
- A major upgrade to the System for Unified Tax (SUNTAX)
- A cloud-based storage and analytics platform for the Property Tax Oversight program
- Cybersecurity enhancements
Also included in the budget is support for local government issues:
- Increased funding for fiscally constrained counties to offset homestead exemptions and assessment limitations
- An increase to the emergency distributions of shared State sales taxes to assist small counties
Each outcome equips the Department to adapt to dynamic technology and workforce environments. These resources will strengthen the Department in our endeavor to be accessible and responsive to Florida’s citizens and to serve taxpayers, families, and local government partners efficiently and at the lowest possible cost.
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About the Florida Department of Revenue: The Florida Department of Revenue administers the State of Florida's General Tax Administration,
Property Tax Oversight and Child Support programs. The Department's mission is to provide excellent and efficient service through the fair and consistent
administration of Florida's tax and child support laws in order to simplify the process of compliance. To learn more about the Department of Revenue, visit
floridarevenue.com. Sign up to receive press releases at floridarevenue.com/dor/subscribe.
May 29, 2024: Florida Division of Emergency Management Encourages Floridians to Take Advantage of Florida's Two Disaster Sales Tax Holidays for the
2024 Atlantic Hurricane Season
FOR IMMEDIATE RELEASE: May 29, 2024
Contact: FDEM Communications Team, (850) 815-4940, media@em.myflorida.com
Florida Division of Emergency Management Encourages Floridians to Take Advantage of Florida's Two Disaster Sales Tax Holidays for the
2024 Atlantic Hurricane Season
The First Disaster Preparedness Sales Tax Holiday will last two weeks, beginning June 1 through June 14
TALLAHASSEE, Fla. - Today, the Florida Division of Emergency Management (Division) encourages Floridians to purchase disaster preparedness
items during the first of Florida's two, 14-day Disaster Preparedness Sales Tax Holidays beginning June 1 through June 14. A second two-week disaster sales tax
holiday will take place August 24 through September 6.
“I want to thank the Governor and the Florida Legislature for continuously taking action to support Floridians and providing them with cost-effective ways to be
prepared,” said Division Executive Director Kevin Guthrie. “I urge all residents to prioritize preparedness during these tax-free holidays
and make any necessary updates to their disaster supply kit and plans”
"Disaster can strike at any time. Hurricanes, tornadoes, floods and fires are frequent threats to people and property. The beginning of hurricane season
is a good time for Floridians to gather supplies they would need to stay safe during and after a disaster," said Jim Zingale, Executive Director of the
Florida Department of Revenue. "I encourage consumers to learn about the 2024 Disaster Preparedness Sales Tax Holiday at
FloridaRevenue.com/DisasterPrep and save money on essentials to keep their families, homes and pets safe."
House Bill 7073 was signed into law by
Governor Ron DeSantis to provide much-needed financial relief for families to prepare for hurricane season, in addition to a number of other tax holidays.
This year, Floridians are expected to save millions on vital disaster preparedness supplies such as pet supplies tarps, batteries, generators and flashlights,
which are all included in the list of items eligible to be purchased tax-free.
The 2024 Atlantic Hurricane Season begins on June 1 and lasts until November 30. A full list of eligible tax-free items is available
here.
For weather updates and safety tips, follow the Division on Instagram, X and Facebook.>
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May 7, 2024: Governor Ron DeSantis Brings More Tax Relief for Florida's Families
FOR IMMEDIATE RELEASE: May 7, 2024
Contact: Governor's Press Office, (850) 717-9282, media@eog.myflorida.com
Governor Ron DeSantis Brings More Tax Relief for Florida's Families
Since 2019, the Governor has secured nearly $6.7 billion in tax cuts
CAPE CANAVERAL, Fla. - Today, Governor Ron DeSantis signed House Bill 7073, providing $1.07 billion in tax relief for Floridians this year, in addition to the $450 million in toll relief that he signed last month, bringing the total savings for Florida families to $1.5 billion for Fiscal Year 2024-25. Since 2019, the Governor has secured nearly $6.7 billion in tax cuts while maintaining a comfortable budget surplus.
“Florida’s economy has remained strong despite reckless federal spending and failed policies in Washington,” said Governor Ron DeSantis. “This tax relief package will provide much needed relief for Florida’s families, especially as the D.C. political class shows no signs of reversing course on the inflationary policies of the federal government.”
“At a time of rising inflation, Florida’s legislative leaders and Governor DeSantis continue to deliver meaningful tax relief to help the people of Florida,” said Florida House Speaker Paul Renner. “People across the country are finding out what Floridians have known for years-allowing people to keep more of what they earn benefits Florida families, workers, retirees, and businesses. With the signing of HB 7073 we continue that tradition-a tradition we like to call, ‘the Florida Way'.”
“With the signing of the state’s tax package today, Floridians will enjoy some of the lowest taxes in the nation,” said House Ways & Means Chairman Stan McClain. “Thanks to the leadership of Speaker Renner, Senate President Passidomo and Governor DeSantis, Floridians can work, play, raise their family and hold on to more of their hard-earned money in the process. That’s ‘the Florida Way’.”
The tax package will help homeowners by providing a one-year exemption on taxes on residential property and flood insurance premiums. This is in addition to the $200 million that was signed last month for the My Safe Florida Home Program, bringing the total investment to the program to over $600 million since 2022. Since the Governor signed sweeping reforms in 2022 and 2023, eight new companies have joined the homeowners insurance market in Florida. The success of these reforms is becoming increasingly clear in rate filings for insurers. In fact, 10 companies have filed a zero percent increase and 10 more have filed a rate decrease to take effect in 2024.
Additionally, this year’s tax cut package is a continuation of our annual tax holidays. These tax holidays include:
- Two Disaster Preparedness Holidays;
- June 1-14 and August 24-September 6, families can prepare for hurricane season with items like tarps, batteries, and flashlights, sales tax free.
- The Back-to-School Sales Tax Holiday;
- July 29-August 11, families can save on pens, pencils, computers, clothing, and other school supplies.
- The Tool Time Sales Tax Holiday;
- September 1-7, Floridians can save on power tools, hand tools, toolboxes, and other items.
- The Freedom Month Sales Tax Holiday;
- July 1-31, Florida families can purchase summer items like pool floats, fishing supplies, and outdoor equipment, in addition to admissions to museums and state parks, sales tax free.
Among other savings, the tax relief package also includes a sales tax credit for businesses that employ persons with disabilities. Additionally, the bill increases the cap for the Strong Families Tax Credit Program from $20 million to $40 million, which supports organizations focused on child welfare.
For a breakdown of the tax relief package, see below:
- Insurance Premium Tax Relief
- Waives insurance premium taxes for one full year on homeowners’ insurance policies and flood insurance policies.
- Sales Tax Relief
- Back to School Sales Tax Holiday
- Clothing priced $100 or less.
- School supplies priced $50 or less.
- Computers or related accessories priced $1,500 or less.
- Learning aids and puzzles priced $30 or less.
- Two Disaster Preparedness Sales Tax Holidays
- For specified disaster preparedness supplies for families and their pets.
- Tool Time Sales Tax Holiday
- Tools used in skilled trades-power tools, tool belts and boxes, etc.
- Freedom Month Sales Tax Holiday
- For specified recreational items.
- Child Focused Tax Credits
- Increases the cap for the Strong Families Tax Credit from $20 million to $40 million, which provides tax credits to companies that make charitable contributions to child welfare organizations.
- Creates a tax credit for employers who operate or support a childcare program for their employees.
- Other Tax Relief
- Provides automatic return filing extensions for sales tax and corporate income tax in certain emergencies.
- Creates a corporate income tax credit for businesses that hire persons with disabilities.
- Limits documentary stamp tax assessments for reverse mortgages.
Visit floridarevenue.com/SalesTaxHolidays for more information on the sales tax holidays.
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