Florida’s new governor, Ron DeSantis, has signed a tax relief bill into law. The bill is expected to save Floridians an estimated $1.1 billion over two years. It includes tax breaks on items that most families buy on a regular basis, such as gasoline, diapers, pet food, and school supplies. Among the other provisions of the bill are expansions of the corporate income tax credit and sales tax holidays.
tax debt relief attorneys in Orlando
The majority of the tax package will take effect July 1, but two parts will begin earlier this month. The first will be a sales tax holiday on children’s books, which will last through Aug. 14. The second will be a hurricane supplies holiday, which begins May 28 and will save consumers an estimated $25.6 million.
Learn More About Reducing Your Tax
DeSantis is also running for re-election next year and is considered a presidential contender. As a result, the tax package includes special favors for businesses and business owners, which often double as campaign contributors. The Daytona 500 and Formula One Grand Prix tickets will be exempt from sales tax, while the Atlantic Sapphire aquarium is eligible for a $7.5 million tax break.
Another major tax relief plan for Florida families is a permanent tax exemption for medicinal ingredients and medical equipment. This could help close the gap on expensive medical supplies and equipment. The state could also offer a tax exemption on household items under $25. Likewise, a one-year exemption for children’s books and toys would save nearly $116 million annually.
-