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HomeUncategorizedTax package sets credits, sales tax holidays

Tax package sets credits, sales tax holidays

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Floridians could realize more than $168 million in savings under the State’s Tax Cut Package that formalizes sales-tax holidays, creates a new one and provides tax credits for businesses that make monetary contributions to authorized child welfare charities. Gov. Ron DeSantis signed the measure into law on May 21.

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The Tax Cut Package formalizes three sales tax holidays for disaster preparedness, back to school and the new Freedom Week Tax Holiday which from July 1 to July 7 provides sales tax savings on selected outdoor recreation items including sunglasses, tents and canoes, and tickets to concerts, museum admissions and other cultural events.

The Package also includes tax cuts and credits including the Seniors Living Independently tax cut that creates a permanent sales tax exemption on items such as bed transfer handles, bed rails, grab bars, and shower seats.

It also increases the ad valorem tax exemption for some affordable housing properties from 50 to 100 percent, and includes language for a proposed constitutional amendment that provides property tax relief for flood mitigation improvements made to residential properties.

Finally, the measure creates the Strong Families Tax Credit Program for businesses that make monetary donations to certain eligible charitable organizations that provide child welfare services, and establishes the Internship Tax Credit for businesses that employ and retain student interns.

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Package provisions are effective upon DeSantis’ signature except for the property tax relief component which will appear as a referendum on the 2022 General Election ballot.

 

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