The state of Florida has just passed a $196 million tax relief package. It includes an additional week-long tax holiday and new tax exemptions and credits. This package was put together by the House Ways and Means Committee and passed both houses of the Legislature unanimously. It was signed by Gov. Ron DeSantis on December 13th. The only dissenting vote came from Rep. Omari Hardy.
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The bill is a significant win for Florida families. The Governor signed a tax relief package that is expected to save Floridians nearly $1 billion over the next two years. It also extends tax exemptions for items that are used by the family, including diapers and clothing. The bill also expands the annual Back to School tax holiday, and gives families a year-long exemption for some household items.
While Florida’s sales tax code contains 269 different exemptions for certain purchases, the benefits of these exemptions are not necessarily targeted to low-income residents. This state’s tax code is largely ineffective for helping the most needy residents. As a result, the state is missing out on millions of dollars in sales tax revenues.
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The new Florida Tax Relief Package also includes seven tax holidays for home construction and repair items. This tax holiday allows shoppers to pay the same price for a pair of work gloves, a textbook or an electrical voltage testing tool, and a tool belt or toolbox.
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