DeSantis signs largest Tax Relief pkg. in Florida history
Save 25.3 cents per gallon on fuel for a tax-free month, , no tax on diapers or children’s clothes for a year, etc.
On May 6, 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.
“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 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.
Senate President Wilton Simpson said, “We are working to ease the pain with broad-based sales tax relief and a month-long gas tax holiday.
You can find additional information about the tax holidays at floridarevenue.com/SalesTaxHolidays.