Florida Tax Relief Package Passes
Florida lawmakers have passed a comprehensive tax relief package that includes a third-tax holiday and a number of new tax credits and exemptions. The package,dubbed House Bill 7061,was compiled by the House Ways & Means Committee and passed unanimously through the Senate and House. It has now been sent to the governor’s desk for his signature.
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The Florida tax relief package contains several provisions aimed at raising the economy,as well as helping lower-income residents. One such measure is a one-month Fuel Tax Holiday. This holiday will lower gas prices in the state by about 25 cents per gallon. However,it is unclear how these tax breaks will benefit the poorest Floridians.
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The Florida sales tax code contains 269 different exemptions,which can lower the total tax burden of many Floridians. The state currently spends $16 billion on taxes on food,groceries,rent,prescription drugs,and other items. A permanent tax exemption for items under $25 would save Florida families $112.3 million. Additionally,a one-year tax exemption for children’s books and toys could save families as much as $116 million.
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Another tax-relief measure approved by the legislature is the ten-day motor fuel tax holiday. This will help families buy essential supplies like gas,diapers,and outdoor activities gear. These tax breaks are designed to help families with small children,as well as low-income individuals who are in need of assistance.