Florida Governor Ron DeSantis signed an omnibus tax bill, on May 25, 2023, that includes several sales tax changes and exemptions. The sales tax relief for consumers is part of a broader tax relief bill touted to provide over $2 billion in tax relief during the fiscal year. We reported previously on many of the exemptions here . The legislation establishes a slew of sales tax holidays in 2023 and 2024 including:
Detailed information including lists of items that qualify for each tax holiday can be found here.
Permanent sales tax exemptions, effective July 1, 2023, are part of the tax bill and include the following:
Lastly, the tax bill includes relief on commercial leases or rentals by reducing the applicable state tax rate to 4.5% (from 5.5%) on December 1, 2023.
If you have questions on Florida’s new tax relief or other SALT matters, please contact HBK’s SALT Advisory Group at email@example.com.