A new state budget has been agreed upon, and with it come new tax rules aimed at benefiting several industries.
Overall, there is a $146 million in tax relief. The three biggest areas are hunting, fishing, and camping sales tax holidays.
Here is a list of upcoming tax breaks/exemptions for Florida residents this year.
SALES TAXES
The Back-to-School Tax Holiday will run from July 20th through Aug. 20th.
The Hunting, Fishing, and Camping Tax Holiday will run from Sept. 1 to Dec. 31 this year.
The products with a sales price cap that will be covered under this tax holiday include:
Tents, Fishing rods, and reels. Camping lanterns, flashlights, tackle boxes or bags. Bait or fishing tackle. Sleeping bags, portable hammocks, and camping stoves.
Ammunition, firearms, and some accessories. Bows, Arrows, Quivers, etc.
HOMEOWNERS
A homeowner can receive a sales tax refund if they buy items that will harden their home. These items include impact-resistant doors, garage doors and windows.
Propane Tanks. Consumers can get a tax exemption for propane tanks with a capacity of 20 pounds or less.
SPORTING EVENTS
If a person attends an Association of Tennis Professionals’ ATP Masters 1000 tournament or any Women’s Tennis Association’s WTA 1000 tournament, their sales tax will be exempted.
DIFFERENT TAX CHANGES
If a local school district wants to raise taxes, there will be no need for the county commission to call an election.
PUTTING IN AN ALARM SYSTEM
This program just continues to extend an exemption for non-interest-bearing written obligations to pay $3,500 or less, when given by a customer to an alarm system contractor for the sale of an alarm system.
GAMBLING
The tax on slot machine revenues drops from 35% to 34%, and the gross receipts tax on cardroom revenues is reduced from 8% to 5%.
