Massive tax relief has been announced for Florida families and corporations. Gov. Ron DeSantis signed into law a massive tax relief package from Florida that includes sales tax holidays, exemptions for homeowners on property and flood insurance premiums, sales tax credits for businesses and more.
Much-needed relief for Floridians
On Tuesday, Gov. DeSantis signed into law House Bill 7073 which provides $1.07 billion in massive tax relief from Florida. The relief package doesn’t include the $450 million in toll relief that the governor signed last month.
“Before I became governor, we never came close as a state to doing even a billion dollars in tax relief,” Gov. DeSantis said in a statement. “We’ve done, just since I’ve become governor, close to $7 billion.”
Highlighting the importance of the tax relief package, DeSantis said that it will offer “much-needed relief for Florida’s families.” Now that the tax relief package has been signed into law, Floridians will enjoy the lowest taxes throughout the U.S.
In addition to announcing the massive tax relief package from Florida, Gov. DeSantis also took a jab at the Biden administration for the rising inflation.
“Lord knows we don’t behave like Congress behaves and we don’t control the printing presses up there, so we have to just deal and play the hand we’re dealt, given what’s happened in Washington,” the governor said.
Despite the governor’s criticism, data from PolitiFact noted that last year over one-third of the proposed budget that DeSantis introduced came from the federal government.
Massive tax relief package from Florida
The massive tax relief package from Florida includes the following tax holidays:
- Two Disaster Preparedness Holidays (June 1 to 14 and August 24 to September 6) to allow families to prepare for hurricane season (tarps, batteries, flashlights and more items will be tax-free).
- Back-to-School Sales Tax Holiday (July 29 to August 11) to allow families to save taxes on school-related items, such as pens, pencils, computers, and other school supplies.
- Tool Time Sales Tax Holiday (September 1 to 7) to allow families to save on toolboxes, power tools and other similar items.
- Freedom Month Sales Tax Holiday (July 1 to 31) to allow families to buy summer items, including fishing supplies, outdoor equipment and more. It also includes sales tax-free entry to museums and state parks.
In addition to sales tax holidays, the massive tax relief package from Florida offers homeowners a one-year exemption on taxes on residential property and flood insurance premiums. It is in addition to the $200 million relief under the My Safe Florida Home Program, which was signed into law last month.
Also, the relief package raises the cap for the Strong Families Tax Credit Program to $40 million (from $20 million previously). The program supports organizations that focus on child welfare. For corporations, the package includes sales tax credits for businesses that employ persons with disabilities.
