SB 704-Relating to Tax on Sales, Use, and Other Transactions
On Wednesday, March 22nd, SB 704, by Senator Rene Garcia (R-Hialeah), was heard in the Senate Committee on Community Affairs and passed by a vote of 5 yeas to 1 nay. AIF stood in support of this bill.
Currently, Florida is the only state that charges tax on the lease of commercial property; and while it is a major part of the state’s tax revenues, it needs to be gradually reduced and eventually eliminated to make Florida more attractive to business. This bill will provide a limited exception from the sales tax on commercial leases. While AIF would like for this tax to be permanently eliminated, we thank the sponsor for this step in the right direction.
SB 704 will now go to the Senate Appropriations Subcommittee on Finance and Tax.
AIF SUPPORTS a reduction of taxes imposed on rental or license fees charged for use of commercial real property and/or the elimination of the double taxation that occurs when a tenant pays its landlord’s property taxes.