Tax Relief – Florida Passes $196 Million Tax Relief PackageTax Relief – Florida Passes $196 Million Tax Relief Package
Florida lawmakers have passed a $196 million tax relief package that includes a new tax credit, a longer tax holiday, and other changes that will benefit residents in the state. The bill, known as House Bill 7061, was put together by the House Ways & Means Committee and unanimously passed the Senate and House. The only dissenting vote was by Rep. Omari Hardy. The bill now goes to Gov. Ron DeSantis for his signature.Get Tax Relief Attorneys to Assist you today
The new bill contains numerous provisions to help families in Florida pay their taxes. It will increase the property tax exemption for disabled residents from $500 to $5,000, and will eliminate sales tax on machinery and equipment used in the production of energy from hydrogen. The new legislation could save Florida Power & Light $300 million per year on the cost of its new plant in Okeechobee. Other changes to the Florida tax code include exemptions for the sale of fuel, diapers, clothes, and disaster supplies.
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While it is important to provide tax relief to struggling Florida residents, there are also many areas that are unaffected. The sales tax exemptions on essential items, like back-to-school supplies and gasoline, will make them more affordable for Floridians. In addition, the tax breaks will help families pay their bills faster. Ultimately, these changes will help Floridaans live a more prosperous life and become more productive citizens. Therefore, it is imperative that Florida taxpayers take advantage of the state’s tax relief program as soon as possible.