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.
AIF SUPPORTS reducing taxes, such as the business rent tax, to attract new businesses to the Sunshine State.