6 Facts About a Small Business Saturday Sales Tax Holiday
Two pieces of legislation making their way through Florida’s Legislature could make Small Business Saturday a sales tax holiday.
In an effort to encourage consumers to patronize their local independent businesses during the year’s busiest shopping weekend, Senate Bill 384 and House Bill 259 would make most purchases at your business free of the state’s sales tax.
NFIB/Florida supports making Small Business Saturday a sales tax holiday.
Here, a by-the-numbers look at what that means for your small business and the state.
- On Saturday, November 28, purchases under $1,000 that are made at businesses with fewer than $3.3 million in annual revenues would become sales-tax free.
- Florida already has 200 sales tax exemptions.
- Last year alone, Florida’s Legislature approved three such sales tax holidays, including Back to School Tax Holiday and Hurricane Preparedness Sales Tax Holiday.
- It would impact roughly 80.4 percent of Florida small businesses.
- The bill carries a $200,000 administrative price tag, according to a fiscal impact statement.
- The bill’s sponsors, Sen. Rene Garcia of Miami and Rep. Jay Fant of Jacksonville, say it could cost the state between $20 million and $60 million in sales tax revenue. According to NFIB, Americans spent $14 billion last year on Small Business Saturday.
Question: How would a Small Business Saturday Sales Tax Holiday impact your business?
