HB 7109-Relating to Taxation
On Monday, May 1st, HB 7109, by Representative Jim Boyd (R-Bradenton) and the House Ways and Means Committee, was heard by the Senate Committee on Appropriations and passed by a vote of 14 yeas to 3 nays. AIF’s Senior Vice President of State and Federal Affairs, Brewster Bevis, stood in support of this bill.
This tax package aims reduce taxes in the state of Florida for the 2017-2018 fiscal year by a nearly $300 million. HB 7109 provides for a wide range of tax reductions and modifications that affect households and businesses. Many of these reductions are of the utmost importance to our members and includes:
- Reducing the state sales tax on the rental of commercial real estate (known as business rent tax) from 6.0 percent to 4.5 percent for two years, beginning January 1, 2018, then maintains a permanent tax rate reduction from 6.0 percent to 5.5 percent, beginning January 1, 2020;
- Increasing the exempt sales price for farm trailers from $20,000 to $25,000;
- Exempting from sales tax certain animal health products and other agricultural items;
- Providing a ten-day “back-to-school” holiday for clothing, footwear, school supplies, and computers; and
- Providing a nine-day “disaster preparedness” holiday for certain items related to disaster preparedness.
For a full list of what HB 7109 includes please click here.
HB 7109 will go on the to the Senate floor for consideration.
AIF SUPPORTS reducing taxes, such as the business rent tax, to attract new businesses to the Sunshine State.
Please see below statement from our President & CEO, Tom Feeney, regarding HB 7109:
AIF: House Tax Cut Package Allows Florida’s Pro-Business Environment to Flourish
Tallahassee, Fla. – The Associated Industries of Florida (AIF) today issued the following statement on behalf of its President & CEO Tom Feeney regarding support of House Bill 7109, by Representative Jim Boyd, relating to Taxation. HB 7109 today passed the Senate Appropriations Committee.
“AIF supports reducing taxes, such as the business rent tax, to attract new businesses to the Sunshine State. With Florida being the only state in the nation to charge taxes on the lease of commercial property, AIF supports a gradual reduction and eventual elimination of the business rent tax to the benefit of Florida small and large businesses.
“AIF commends members of Senate Appropriations for passing this good tax cut package today. This tax cut package will allow Florida’s pro-business environment to flourish.”
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