Earlier this week, Florida Governor Ron DeSantis announced the largest tax relief package in state history. The plan will save the state’s residents an estimated $1.1 billion. This package will include tax breaks on household items and critical needs, including diapers, pet food, athletic equipment, books, and disaster supplies.
This plan will be paid for through the record-setting state budget reserves. It will also help fight inflation. The plan will benefit both business and the middle class, according to USF Sarasota-Manatee finance professor Eddie Sanchez.
The proposal would save Floridians an estimated $550 a year for an average commuter, as well as approximately 750,000 frequent commuters. The plan would provide a 50 percent discount for commuters who make 40 or more toll transactions in a month.
Among the tax breaks in the package are:
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The one-month Fuel Tax Holiday will lower gas prices by 25 cents a gallon. This will reduce gas prices by $200 million in Florida. This will be followed by nine sales tax holidays in 2022.
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During the holidays, items such as outdoor equipment, sports gear, and books for children under 17 will be tax-free. Additionally, a special sale on children’s diapers will run from July 1 to June 30.
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Children’s clothing will be tax-free during the first two weeks of the year, and a one-year exemption will be provided on baby clothes. Other items such as books, toys, and over-the-counter medications for pets will be exempt from sales tax.-