Thursday, April 10, 2025

Reduction of Florida sales tax passes in House

Florida's sales tax permanently reduced

It was up for consideration and now needs approval in the Senate

The Florida House on Wednesday unanimously passed legislation to permanently reduce the state’s general sales tax rate from 6 percent to 5.25 percent, potentially making way for the first such change since 1988.

The measure, HB 7031, also includes corresponding 0.75 percentage point reductions for several other taxes, including those on commercial rents, electricity, mobile home sales, and amusement machines.

If signed into law, the rate changes are set to take effect July 1, 2025, and are projected to reduce state general revenue by $4.89 billion annually and local government revenue by more than $500 million.

Sales tax currently accounts for nearly three-quarters of Florida’s general revenue.

Read about it...

After DeSantis' budget, we have $14.6 billion in Total Reserves.

1 comment:

Lynn Anderson said...

Possibly coming next if this passes--PB County will raise sales tax and City of Lake Worth will implement their own or install parking meters downtown. LOL...that will kill the downtown forever.