January 17 2001
Gov. Jeb Bush released details of his 2001-2002 budget today. In it, the governor asks the legislature to grant $313 million in tax relief to the citizens of Florida, making further reductions in Florida’s intangibles tax the centerpiece of his plan.
The following are the three major features of the tax relief proposal:
- Intangibles tax: 0.25 mill reduction in the rate, from 1 mill to 0.75 mills; increase in exemptions to $250,000 for single filers, $500,000 for joint filers, and $250,000 for businesses. Total relief: $242 million
- Clothing Tax Holiday: nine-day sales tax holiday on clothing. Total relief: $43 million
- Hospital Assessment (Sick tax): state assessment on net revenues from hospital outpatient services, ambulatory surgical centers, clinical laboratories, and diagnostic imaging centers cut to 0.5 percent; reduced from 1.5 percent to 1 percent in 2000. Total relief: $28 million
The governor’s plan would also eliminate mandatory mediation for condominium disputes and reinstate the refund of fees paid by taxpayers that successfully appeal property assessments through the Value Assessment Adjustment Board.
Governor's Press Release