Will Florida small business owners benefit from a significant tax cut this legislative session?
It’s too early to tell, but Gov. Rick Scott in January proposed more than a half a billion dollars in tax cuts, ranging from back-to-school sales tax holidays to a commercial lease tax cut as part of his “Fighting for Florida’s Future” budget plan.
“Florida businesses have added more than 1.2 million jobs over the last six years and our economy is booming because of our continued focus on cutting taxes, reducing burdensome regulations and fostering an environment where job creators can grow and succeed in Florida,” Scott said. “Our ‘Fighting for Florida’s Future’ budget continues our hard work and cuts taxes by $618 million while making strategic investments in areas that are important to families. Because our economy continues to grow, we are able to make these investments while also paying down debt and setting aside $5 billion in reserves. I look forward to working with the Legislature this session to make Florida the best place in the world for our future generations.”
According to Scott, the budget “decreas[es] the tax on business rents, providing a one-year sales tax exemption on college textbooks, cut[s] the business tax, exempt[s] school book fairs from the sales tax and implementing a 10-day back-to-school sales tax holiday, nine-day disaster preparedness sales tax holiday, three-day veteran’s sales tax holiday and one-day camping and fishing sales tax holiday.”
The tax cuts—particularly on business rents—could be a boon for small business owners. “We know from talking to job creators across the state and the nation that the tax on commercial leases puts Florida at a competitive disadvantage,” said NFIB/Florida Executive Director Bill Herrle. “Governor Scott has demonstrated an incredible commitment to doing everything possible to make it easier for businesses to succeed, and these recommended tax cuts are critical to ensuring continued economic growth. NFIB is proud to fully support this proposal and we look forward to the Legislature cutting $618 million in taxes this year.”
For more information on Scott’s proposal, click here.