HB 7087-Relating to Taxation
On Thursday, February 22nd, HB 7087, by the House Ways and Means Committee and Representative Paul Renner (R-Palm Coast) and passed by a vote of 18 yeas to 7 nays. AIF’s Senior Vice President of State and Federal Affairs, Brewster Bevis, stood in support of this bill.
The bill provides for a wide range of tax reductions designed to directly impact both families and businesses. The total impact for the fiscal year of 2018 and 2019 is $331.3 million in reductions.
The bill contains several provisions related to sales tax that include priorities important to AIF and its members. Specifically, it includes:
- Tax rate reduction for tax on commercial rentals (business rent tax) from 5.8% to 5.5%.
- New, extended, or expanded sales tax exemptions for:
- Certain generators for nursing homes and assisted living facilities; o
- Certain purchases of agriculture related fencing materials and building materials for repair of storm damage from Hurricane Irma;
- Sales tax holidays:
- A ten-day “back-to-school” holiday for clothing, footwear, school supplies, and computers;
- Three seven-day “disaster preparedness” holiday for sales of specified items related to disaster preparedness.
Also added to the tax package this year, is language that prevents local governments from banning the sale of anything subject to the state sales tax. This will streamline regulation of business in the state and prevent municipalities from hindering business with local ordinances.
HB 7087 will go on to the House floor for consideration.
AIF supports tax cuts for Florida’s families and businesses that aid in relief after the events of a disastrous hurricane season. AIF supports incremental reductions of the business rent tax to make Florida more attractive to business.