How much of the record-setting tax revenues will they return to small business owners?
That’s exactly what your state legislators are pondering as they go into the last week of the 2016 legislative session with the job of finalizing the state budget. How much of the record-setting tax revenues will they return to small business owners?
The legislature is debating whether to reduce the sales tax on commercial leases by 1% ($100 for every $10,000 in lease costs annually) versus reducing millage rates for property taxes for all property owners. In reality, due to increased property assessments and increases in school spending, we calculate the net reduction over last year’s property taxes will save you less than $1 per $100,000 in assessed property value. You do your own math, but based on NFIB member ballots, the commercial rent sales tax cut would result in far more tax savings for most business owners.
The legislature will decide this issue by next Friday, March 11. Click here to send a message to your legislators in Tallahassee: http://bit.ly/1LJY2tk
