The Governor of Florida is proposing sweeping tax relief for Floridians. House Bill 7071 outlines more than $1 billion in tax exemptions for families. The bill also extends a state sales tax holiday to 10 years, making it possible for people to save money on everyday items like fuel, diapers, and disaster supplies. The plan would require approval from the state legislature.
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The tax relief package also includes a back-to-school sales tax holiday and a Hurricane Preparedness sales tax holiday. It also creates permanent sales tax exemptions for certain items, such as bicycle helmets and child car seats. Lastly, the one-month Fuel Tax Holiday is expected to save Florida $200 million, and reduce gas prices by up to 25 cents per gallon.
The legislation also expands property tax exemptions for the disabled and the widows of active duty military servicemen. This would provide targeted relief for low-income Floridians. It would also allow tax relief for those who are permanently deployed overseas. Earlier this year, the Legislature expanded the tax exemption to include non-classified military operations.
The tax package is not effective until July 1 of this year. However, two pieces of it will begin this month. First, the sales-tax holiday for children’s books will last until August 14. A second part of the tax package will be the hurricane supplies holiday, which runs from May 14 to Aug. 14. It is estimated that this will save $25.6 million in taxes.
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