Governor DeSantis has received and is expected to sign in short order the annual Tax Package (House Bill 7063), providing nearly $1.3 billion in relief to Florida’s consumers and businesses. 

IMPORTANT NOTE: Given that the Disaster Preparedness holiday is schedule to begin May 27^th, and the expanded Freedom Summer holiday, will begin on Memorial Day, May 29^th, we recognize that most of you are facing time crunches to make the appropriate programming changes. We have been in regular communication with the Department of Revenue and have been assured that they are prepared to push out a Tax Information Publication (TIP) as quickly as possible. We hope that this happens in short order.

• Reduction business rent tax from 5.5% to 4.5% effective December 1, 2023 
• Corporate income tax conformity to the internal revenue code effective January 1, 2023, which excludes the federal minimum tax included in the Inflation Reduction Act.

• Two 2-week back to school sales tax holidays. One before the fall semester and one before the spring semester. 
• Two 2-week disaster preparedness sales tax holidays including certain common household items. One in early Summer and one in the Fall.
• Freedom Summer sales tax holiday for numerous items including admissions, camping supplies, boating supplies, children’s toys, and other qualifying outdoor items from Memorial Day to Labor Day. Permanent sales tax exemption for diapers, baby & toddler clothes, and oral hygiene items. 

• One year sales tax exemption for gas stoves.
• Documentary stamp tax and intangibles tax exemption for SBA 504 Loans providing fixed rate financing to promote business growth and job creation.
• Permanent sales tax exemption for firearm protection devices.

FRF has been in discussions with the Florida Department of Revenue and they expect to start issuing guidance (Taxpayer Information Publications) soon. The Department has prepared the TIPs for the Disaster Preparedness and Freedom Summer holidays in anticipation of the Governor’s signature of the bill.  If interested, you can sign up to receive Department of Revenue publications as soon as they are released here: https://floridarevenue.com/Pages/subscribe.aspx