TALLAHASSEE, Fla. - This morning, the Senate Appropriations Committee approved a tax cut package, moving it to consideration by the full Senate. The tax package is a Senate-amended version of House Bill 7099 and totals $129 million in tax cuts for hard-working Floridians. The package also benefits various industries in the state, encouraging economic growth and boosting job prospects for Floridians.
Florida TaxWatch applauds the Senate for including a long-time Florida TaxWatch recommendation that would permanently extend the sales tax exemption on manufacturing equipment. This will boost Florida’s manufacturing industry, provide high-wage jobs for Floridians and diversify the state economy.
“I commend Senate leaders for their efforts to move forward on a significant tax cut package that will help save money for hard-working Florida families and the businesses that invest in our communities and provide jobs to our residents,” said Florida TaxWatch President and CEO Dominic M. Calabro. “Florida TaxWatch encourages the Legislature to continue to enact smart tax policy that maximizes revenue while allowing Floridians to keep more of their money.
“While the tax package will offer significant relief for Floridians, the Legislature missed an opportunity when they refused to cut the business rent tax. The business rent tax is unique to Florida and harms new businesses by increasing their barrier to entry into the market. Cutting the business rent tax would allow businesses to make additional investments in their business and employees and would encourage more businesses to come to the Sunshine State. We call on the Legislature to reconsider this issue."