Taxation Reduction Packages (Watch)

Taxation Reduction Packages (Watch)

CS/HB 7087 (House Ways and Means Committee) is the House tax package for the 2018 session. The bill provides for a wide range of tax reductions and modifications designed to directly impact both households and businesses. The bill was amended to remove the preemption prohibiting a county, municipality or other entity of local government from prohibiting the sale of, or offering for sale of, tangible personal property subject to the sales and use tax imposed by Chapter 212 that may lawfully be sold in the state. The bill includes property tax relief for certain homestead property damaged by Hurricanes Hermine, Matthew or Irma and for certain citrus-processing equipment idled as a result of citrus greening or Hurricane Irma. The bill removes the five-year limitation for unremarried surviving spouses of disabled ex-servicemembers to receive a property tax discount and updates the list of named military operations for which deployed servicemembers receive property tax relief. The bill includes a sales tax reduction, from 5.8 to 5.5 percent for sales tax on commercial leases. 

CS/SB 620 (Passidomo) was amended and is now the Senate tax package. The bill includes some of the same provisions that are in CS/HB 7087 including property tax relief for certain homestead property damaged by hurricanes. The bill also includes tax relief for citrus processing equipment that is idle due to hurricanes and citrus greening. The bill provides for two sales tax holidays, a three-day back-to-school holiday and a seven-day disaster preparedness holiday. The bill includes a sales tax reduction, from 5.8 to 5.7 percent for sales tax on commercial leases. (Hughes)