Florida Governor Signs Largest Tax Relief Package

Posted on May 6, 2022Comments Off on Florida Governor Signs Largest Tax Relief Package

Governor Ron DeSantis Signs Largest Tax Relief Package in Florida’s History

OCALA, FL (STL.News) Governor Ron DeSantis signed House Bill 7071 which provides more than $1.2 billion of tax relief for Floridians.  The bill provides for ten sales tax holidays for a variety of items commonly purchased by Florida families, including fuel, diapers, disaster supplies and, tools.  A one-pager on the bill can be found here.

“Florida’s economy has consistently outpaced the nation, but we are still fighting against inflationary policies imposed on us by the Biden administration,” said Governor Ron DeSantis.  “In Florida, we are going to support our residents and help them afford the goods that they need.  Florida has been fiscally responsible, so we are in a good position to provide meaningful relief for families, right now.”

“The Florida House’s tax package — the largest middle-class tax relief package in the history of the state — is now the law of the land,” said Speaker Chris Sprowls.  “A bill like this has never been more needed than it is right now.  Reckless federal spending sent inflation rates spiraling higher than we’ve seen in generations, and Floridians are feeling the impacts.  From tools to diapers to books for summer reading, this billion-dollar tax package includes something for every Floridian, and that’s what I’m most proud of.  Thank you to Chair Bobby Payne, the Ways and Means Committee, and to Senate President Simpson and our Senate counterparts for your leadership and commitment to keeping money in the pockets of hard-working Floridians.”

“Florida cannot independently fix or outrun all of the problems leading to the cost increases that are wreaking havoc on families, especially our most vulnerable,” said Senate President Wilton Simpson.  “However, we are working to ease the pain with broad-based sales tax relief and a month-long gas tax holiday.  This bill supports growing families, Floridians looking to prepare their homes for severe weather, and the blue collar working men and women of our state who are trying their best to get by amid record-high gas prices and inflation that many of us have not seen in our lifetime.  We are increasing the length of sales tax holidays for hurricane season and back-to-school, and also creating new short-term and long-term sales tax relief on key items needed by families.”

“This year’s tax package was truly an effort to benefit every Floridian in some way,” said Representative Bobby Payne. “Giving people more control over their hard-earned money is the kind of work that makes me proud to serve in the Florida House.  I want to thank Speaker Sprowls for his support and the opportunity to create the largest tax exemption package in Florida’s history.  Additionally, I want to thank our Senate colleagues and the Governor for his leadership and for signing this bill today.”

The 10 tax holidays are:

  • A one-month Fuel Tax Holiday from October 1, through October 31, 2022, saving Floridians $200 million by lowering the price of gas by 25.3 cents per gallon.
  • A 3-month sales tax holiday for children’s books from May 14 through August 14, 2022, providing $3.3 million in tax relief.
  • A one-year sales tax holiday from July 1, 2022, through June 30, 2023, for baby and toddler clothes and shoes, providing $81.5 million in tax relief.
  • A one-year sales tax holiday from July 1, 2022, through June 30, 2023, for children’s diapers, providing $38.9 million in tax relief.
  • A 14-day Back-to-School sales tax holiday from July 25 through August 7, 2022, for clothing, shoes, backpacks, and school supplies, providing $100 million in tax relief.
  • A 14-day Disaster Preparedness sales tax holiday from May 28 through June 10, 2022, for supplies such as flashlights, radios, tarps, batteries, and fire extinguishers, providing $25.6 million in tax relief.
  • A 7-day Tool-Time sales tax holiday from September 3 through September 9, 2022, for tools and other home improvement items, providing $12.4 million in tax relief.
  • A two-year sales tax holiday from July 1, 2022, through June 30, 2024, for impact resistant windows, doors, and garage doors, providing $442.8 million in tax relief.
  • A 7-day Freedom Week from July 1 to July 7, 2022, providing a sales tax exemption for specified admissions and items related to recreational activities, providing $70.6 million in tax relief.
  • A one-year Energy Star Appliances sales tax holiday from July 1, 2022, through June 30, 2023, for washing machines, clothes dryers, water heaters, and refrigerators, providing $78.5 million in tax relief.

Additionally, permanent tax relief provided in the legislation consists of various sales tax exemptions, corporate income tax credit expansions, and ad valorem tax and exemption provisions that will generate an additional $190 million in tax savings over two years and $140 million annually after that.

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