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.

With the looming sunset of the sales tax exemption on manufacturing equipment threatening to harm Florida’s economy, Florida TaxWatch testified before the Legislature to extend the tax exemption. The exemption on manufacturing equipment allows manufacturers to reinvest the money they would have given to the state back into their business. This promotes growth in the manufacturing industry and creates high salary jobs.

“The Governor’s budget includes smart, targeted tax cuts to stimulate business growth while investing in critical areas like child protection and education to ensure all Floridians have the opportunity to pursue success in school and in life,” said Dominic M. Calabro, President and CEO of Florida TaxWatch.

An expiring sales tax exemption could have a devastating impact on the state economy, according to a new analysis by Florida TaxWatch. Florida manufacturers are exempt from paying taxes on machinery and equipment purchases, but unless lawmakers take action this spring that exemption will disappear, threatening the state’s manufacturing sector.