TALLAHASSEE, Fla. –
The latest report by the non-profit, non-partisan government watchdog Florida TaxWatch finds that Florida’s sales tax holidays are beneficial to Florida taxpayers and businesses, while any decrease in sales tax revenue for the state is offset by growth revenue. The report notes that sales tax holidays are successful in increasing consumer spending, and that the Back To School Sales Tax Holiday is the second biggest shopping weekend in Florida, trailing only Black Friday.
“Not only are sales tax holidays popular, they also are valuable to Florida taxpayers and businesses,” said Florida TaxWatch President and CEO Dominic M. Calabro. “Taxpayers save money when shopping during the holiday while simultaneously boosting Florida businesses. The Legislature should continue to implement these holidays.”
Retailers have long-supported these holidays because they increase sales, boost foot traffic and generate significant economic impact.
“Sales tax holidays not only benefit hard-working Florida families and provide them with much-needed tax relief, but they also increase foot traffic and sales in retailers across the Sunshine State,” said Florida Retail Federation President and CEO Randy Miller. “These holidays supply retailers with millions of dollars in sales and provide the state with a significant economic impact.”
“For retail stores, the sales tax holiday has proven to be an extremely positive event,” said Bealls Chief Executive Officer Stephen Knopik. “Not only does the holiday help our business tremendously, boosting our sales and increasing foot traffic for the holiday period but it also gives Florida families a tax break that they really seem to relish.”
While there are certainly economic benefits from sales tax holidays for Florida businesses, the main point of tax holidays is to give something back to taxpayers, rewarding them for funding the operation of government with their hard-earned income.
“Florida’s sales tax holidays have been extremely popular with taxpayers over the years and have led to millions of dollars in savings for Floridians,” said Senator Dorothy Hukill, who represents Florida Senate District 14. “Extra money in the pockets of hard-working Florida families gives them additional flexibility when making monetary decisions.”
“As the House continues to explore opportunities to return money to Florida taxpayers, we recognize the value of sales tax holidays to Florida families and businesses. Sales tax holidays are a great way of giving back to the taxpayers,” said House Ways & Means Chairman Jim Boyd.
Read the full report here