Connect with us

Hi, what are you looking for?

Business

Ron DeSantis Signs Bill Offering $1.2 Billion in Tax Relief

At the end of last week, Gov. Ron DeSantis signed a tax package into law that provides more than $1.2 billion of tax relief for Floridians.

The bill provides for ten sales tax holidays for a variety of items commonly purchased by Florida families, including fuel, diapers, disaster supplies and, tools.

“Florida’s economy has consistently outpaced the nation, but we are still fighting against inflationary policies imposed on us by the Biden administration,” said DeSantis. “In Florida, we are going to support our residents and help them afford the goods that they need. Florida has been fiscally responsible, so we are in a good position to provide meaningful relief for families, right now.”

“The Florida House’s tax package — the largest middle-class tax relief package in the history of the state — is now the law of the land,” said state House Speaker Chris Sprowls, R-Palm Harbor. “A bill like this has never been more needed than it is right now. Reckless federal spending sent inflation rates spiraling higher than we’ve seen in generations, and Floridians are feeling the impacts. From tools to diapers to books for summer reading, this billion-dollar tax package includes something for every Floridian, and that’s what I’m most proud of. Thank you to Chair Bobby Payne, the Ways and Means Committee, and to Senate President Simpson and our Senate counterparts for your leadership and commitment to keeping money in the pockets of hard-working Floridians.”

“Florida cannot independently fix or outrun all of the problems leading to the cost increases that are wreaking havoc on families, especially our most vulnerable,” said state Senate President Wilton Simpson, R-Tribly. “However, we are working to ease the pain with broad-based sales tax relief and a month-long gas tax holiday. This bill supports growing families, Floridians looking to prepare their homes for severe weather, and the blue collar working men and women of our state who are trying their best to get by amid record-high gas prices and inflation that many of us have not seen in our lifetime. We are increasing the length of sales tax holidays for hurricane season and back-to-school, and also creating new short-term and long-term sales tax relief on key items needed by families.”

The 10 tax holidays are:

· A one-month Fuel Tax Holiday from October 1, through October 31, 2022, saving Floridians $200 million by lowering the price of gas by 25.3 cents per gallon.

· A 3-month sales tax holiday for children’s books from May 14 through August 14, 2022, providing $3.3 million in tax relief.

Advertisement. Scroll to continue reading.

· A one-year sales tax holiday from July 1, 2022, through June 30, 2023, for baby and toddler clothes and shoes, providing $81.5 million in tax relief.

· A one-year sales tax holiday from July 1, 2022, through June 30, 2023, for children’s diapers, providing $38.9 million in tax relief.
· A 14-day Back-to-School sales tax holiday from July 25 through August 7, 2022, for clothing,
shoes, backpacks, and school supplies, providing $100 million in tax relief.

· A 14-day Disaster Preparedness sales tax holiday from May 28 through June 10, 2022, for supplies such as flashlights, radios, tarps, batteries, and fire extinguishers, providing $25.6 million in tax relief.

· A 7-day Tool-Time sales tax holiday from September 3 through September 9, 2022, for tools and other home improvement items, providing $12.4 million in tax relief.

· A two-year sales tax holiday from July 1, 2022, through June 30, 2024, for impact resistant windows, doors, and garage doors, providing $442.8 million in tax relief.

· A 7-day Freedom Week from July 1 to July 7, 2022, providing a sales tax exemption for specified admissions and items related to recreational activities, providing $70.6 million in tax relief.

· A one-year Energy Star Appliances sales tax holiday from July 1, 2022, through June 30, 2023, for washing machines, clothes dryers, water heaters, and refrigerators, providing $78.5 million in tax relief.

Additionally, permanent tax relief provided in the legislation consists of various sales tax exemptions, corporate income tax credit expansions, and ad valorem tax and exemption provisions that will generate an additional $190 million in tax savings over two years and $140 million annually after that.

Advertisement. Scroll to continue reading.

Author

  • Florida Daily

    Florida Daily offers news, insights and analysis as we cover the most important issues in the state, from education, to business and politics. View all posts

Share Story Via Text, E-Mail, Facebook or Twitter

Follow Us on Social Media

Related Stories

Story 2

Florida’s U.S. Senators Marco Rubio and Rick Scott sent a letter to President Joe Biden urging his immediate approval of the State of Florida’s...

Florida Politics

As communities across Florida’s Gulf Coast recover from Hurricane Helene, Florida Gov. Ron DeSantis, Sen. Marco Rubio and Sen. Rick Scott are meeting with...

Hurricanes

According to Moody Analytics, the destruction left behind by Hurricane Helene could cost Florida billions. The estimates of damages, including Florida and the other...

Florida News

With pools, lakes, rivers and coastline near every household, the risk of drowning is prevalent across the Sunshine State, and a leading cause of...

Economy

At a recent roundtable on condo costs, Florida Governor Ron DeSantis heard pleas from condo owners on large assessments they are facing due to...

Florida Politics

With condo owners’ annual fees rising due to a new law requiring annual inspections, many condominium owners in Florida are asking the state to...

Crime

During a press conference earlier today, Florida Governor Ron DeSantis announced that Florida Attorney General Ashley Moody’s Office of Statewide Prosecutor has been assigned...

Education

On Monday, Florida Governor Ron DeSantis announced record refunds to parents through the Florida Prepaid program and encouraged Florida families to take advantage of...