Economy

$1.2B Bill Offering Massive Tax Relief to Florida Residents Makes Progress

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Florida residents may soon get both permanent and temporary tax relief if the legislature approves a massive $1.2 billion tax package. The bill offering tax relief to Florida residents was approved by the Senate Finance and Tax Committee last week, and now, it has won the approval of the Appropriations Committee as well.

Tax Relief To Florida Residents On Several Fronts

Senate Bill 7062 is based on Governor Ron DeSantis’ tax cut proposals, and it could result in more than $3 billion in tax relief to Florida residents if signed into law. The Senate Finance and Tax Committee approved the bill on April 18, while the Appropriations Committee unanimously voted in favor of the bill Tuesday morning.

Senate Bill 7062 offers sales tax exemptions on firearms safety devices, equipment used in natural gas production, diapers and incontinence products, baby and toddler products, learning aids and oral hygiene products.

Additionally, the tax package would establish a back-to-school sales tax holiday from July 24 to August 6. This sales tax holiday would offer tax breaks on school clothing, puzzles, and personal computers. The bill would also establish another tax-free period in January.

Moreover, there would be a sales tax-free week from May 27 to June 9 on items related to disaster preparedness, such as battery packs, waterproof sheeting, fuel, dry pet food and self-powered radios.

The bill also proposes a “freedom summer” program that would run from May through September. Under the program, residents would get discounted prices for theater performances, events and concerts. Moreover, items such as water sports equipment, sunglasses, camping gear, fishing supplies and sunscreen would qualify for sales tax exemptions.

“This bill creates tax relief opportunities for growing families with new babies, or kids heading back to school, for Floridians looking to prepare their homes for severe weather, and for Floridians, young and old, who want to get out and enjoy all the beautiful natural resources and fun events the free state of Florida has to offer this summer,” Senate President Kathleen Passidomo said in a press release.

What Else Does The Bill Offer?

Senate Bill 7062, if approved, would also offer tax relief to Florida residents in several other ways, including refunding up to 50% of expenses for frequent toll booth users.

The bill also takes care of skilled workers by offering a sales tax holiday on relevant work items, such as work gloves, safety glasses, protective coveralls, work boots, hand tools, power tools and batteries.

Moreover, the bill also supports Florida’s efforts to conserve freshwater resources. For this, the bill offers a refund of up to 50% of the cost of installing greywater systems. Additionally, the bill sets aside $27 million for the Department of Agriculture and Consumer Services to support thoroughbred horse breeding and racing in the state.

Senate Bill 7062 would also establish the Main Street Historic Tourism and Revitalization Act, which would offer tax credits for qualified expenses toward restoring certified historic buildings or structures.

Senate Finance and Tax Committee chair, State Senator Blaise Ingoglia believes further tax cuts are possible through negotiations with the House.

This article originally appeared on ValueWalk

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