Florida lawmakers recently passed HB 7071,the largest tax relief bill in the state’s history. The legislation includes tax breaks for everything from diapers and sports gear to pet food and school supplies. The measure is estimated to save Floridians an additional $190 million in taxes over the next two years. It also expands 10 sales tax holidays and is expected to help families across Florida lower their tax burden.
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Tax relief in Florida is available for hurricane victims who have suffered property losses. The Federal Emergency Management Agency (FEMA) has declared the state a disaster and has extended deadlines for those who are unable to pay their taxes. This means that Florida residents who had to endure power outages and loss of business because of Hurricane Ian may qualify for tax breaks.
The tax break also applies to military members. The Florida Constitution gives property tax exemptions to deployed service members,widows and widowers,and the blind and disabled. Last year,Florida expanded the tax exemption to include unclassified military operations. These benefits will help Florida residents afford their homes,cars,and other expenses.
Another Florida tax break program is the Florida Internship Tax Credit Program,which grants businesses a tax credit of up to $10,000 for each student intern they hire. The program is contingent on voter approval of a constitutional amendment in November 2022.