Sales tax cut approved for Florida small businesses, chief financial officer says
Small businesses in Florida will hopefully see a difference after an approved measure at a Florida Cabinet meeting. A measure approved by the Florida Cabinet has been approved to reduce Florida's Commercial Lease Sales Tax rate for small businesses. The cut, which will reduce the rate from 4.5% to 2%, could give Florida employers about $1 billion in tax relief. The measure was approved after state officials refilled Florida's Reemployment Assistance Trust Fund after reemployment assistance benefit payments dropped in 2020. Since this threshold was set, the sales tax can now be reduced. This reduction is particularly beneficial to small businesses who often do not own their facilities.
Pubblicato : 10 mesi fa di WJHG Newsroom in Business
TALLAHASSEE, Fla. (WJHG/WECP) - Small businesses in Florida will hopefully see a difference after an approved measure at a Florida Cabinet meeting.
Chief Financial Officer Jimmy Patronis announced the approval to reduce Florida’s Commercial Lease Sales Tax rate, passed by the Florida Legislature in 2021.
State officials reportedly refilled Florida’s Reemployment Assistance Trust Fund after reemployment assistance benefit payments dropped in 2020. $90 million was given monthly to that trust fund, reaching a $4.1 billion threshold. Since the threshold was held, the sales tax can now be reduced.
Patronis said this would reduce the tax burden on small businesses after government officials renewed the Unemployment Compensation Trust Fund.
Officials say the sales tax cut will reduce from 4.5% to 2%, which could give Florida employers about $1 billion in tax relief.
“As a former small business owner, I’m continuously looking for ways to help reduce the tax burden on Florida’s businesses and job creators,” CFO Jimmy Patronis said. “Because of prudent financial management, Florida’s economy is in the best fiscal health in state history, and it’s vital that we pass that success back to Floridians in the form of tax cuts. This reduction in the Commercial Lease Sales Tax is a huge win for Florida businesses, saving them an estimated $1 billion in tax relief. This is especially helpful to small businesses who often do not own their facilities like the big box stores. While Washington will tax and spend you to death, in Florida, we work to keep more money in your pocket to help you grow your business.”
More on the sales tax can be found on the Florida Department of Revenue’s website.
Temi: Taxes