The Florida Legislature prioritized comprehensive tax relief for Florida businesses and families in its recent budget. New bills include the establishment of Back-to-School Sales Tax Holidays and an exemption for feminine hygiene products. The state also reduced its business-rent tax and permanently eliminated sales taxes on machinery and manufacturing equipment. The benefits of these changes will be felt in all aspects of a person’s life, including the costs of health care and education. However, there are a few things to keep in mind before implementing new legislation.
In addition to making it easier for Floridians to pay their taxes, one of the major provisions of the new state budget is the Freedom Week sales tax holiday. This holiday will help Florida residents and businesses avoid paying their state’s sales tax. The relief will also result in a reduction of expenses, which will be especially beneficial to lower-income households. If you are thinking about buying a home, don’t wait until it’s too late to take advantage of these tax breaks.
Florida has a long list of tax breaks available to Florida taxpayers. The new HB 7061 provides tax relief to low-income families and businesses. The bill also extends the tax exemption on affordable housing properties from 50% to 100%. In addition, the bill includes the implementation language of the proposed constitutional amendment that grants a property tax relief for flood mitigation. By increasing these incentives, more people will be able to afford the housing they need.