Fighting to Cut Taxes for Florida’s Future - $618 Million in Tax Cuts
Governor Scott is committed to reducing the burden of taxes on Florida families and ensuring taxes are cut for Florida’s future generations. The Fighting for Florida’s Future budget proposes to cut taxes by more than $618 million. Florida’s per capita state tax burden is the second lowest among all states at $1,806, but Governor Scott is committed to continuing to cut every possible tax to help Florida’s future generations. These tax cuts will encourage both large and small businesses to create more jobs and build opportunities for generations of Floridians.
Governor Scott’s $618 million tax cut package includes:
Decreasing the Tax on Commercial Leases by $454 Million - Florida is the only state that has a tax on commercial leases which unfairly targets small businesses. Governor Scott is proposing to reduce the tax on commercial leases by 25 percent in 2018, saving Florida businesses $454 million a year. Sales Tax Holidays to Save Families $98 Million - The Fighting for Florida’s Future budget includes funding for four sales tax holidays which will save Florida families an estimated $98 million in the upcoming fiscal year. These sales tax holidays include: $72 million from a 10-day back-to-school sales tax holiday; $7 million from a nine-day disaster preparedness sales tax holiday; $18.4 million from a three-day veteran’s sales tax holiday; and $500,000 from a one-day camping and fishing sales tax holiday. Providing a One-Year Sales Tax Exemption on College Textbooks to Save Students $48 Million - Governor Scott is proposing to exempt the purchase of college textbooks from the sales tax for the 2017-18 academic year. The prices of college textbooks have increased significantly, often exceeding $100 per book. Exempting college textbooks from the sales tax is expected to save Florida students $48 million. A student taking five courses per semester will save a minimum of $60 per year. Cutting the Business Tax to Save Businesses $15 Million - Governor Scott is proposing to exempt 22.5 percent of businesses from having to pay income taxes by increasing the corporate tax exemption from $50,000 to $75,000. Eliminating this tax will provide annual savings of $15 million and ensure more small businesses can hire more workers, providing Florida families with jobs. This will eliminate these taxes for more than 80 percent of Florida’s businesses. This exemption was increased from $5,000 to $25,000 in 2011 and $50,000 in 2012. Exempting School Book Fairs from the Sales Tax to Save Families $3 Million - Governor Scott is proposing to exempt the purchases of books at school book fairs from the sales tax, saving Florida families $3 million each year.