Earlier today, Governor Scott revealed his proposed budget for consideration by the 2017 Legislature. His ‘Fighting for Florida’s Future’ budget aims to cut taxes for Floridians by $618 million (which includes a cut to the Business Rent Tax (BRT)), includes a $85 million investment in economic incentives and calls for $21 billion in state and local funding to improve Florida’s K-12 education system.

Florida TaxWatch is pleased that the Governor Scott has heeded the recommendations of our research to include a 25 percent reduction (1.5 points) in the business rent tax (BRT), saving Florida businesses more than $454 million a year. As the only state in the union with a tax on commercial leases, Florida is at a clear competitive disadvantage with other states.

With the traditional hanky drop, the 2016 Legislative session has officially come to a close. The Legislature avoided a Special Session this year, approving the $82.349 billion state budget, which will fund various state agencies and critical needs for all Floridians.

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.