Wednesday, 25 January 2017 11:36

FRF Supports Governor Scott’s $618 Million Tax Cut Package

Today, Governor Rick Scott announced during the “Fighting for Florida’s Future” Tax Cut Tour that he is proposing $618 million in tax cuts to help Florida families and small businesses, and ensure taxes are cut for Florida’s future generations. These tax cuts will encourage job creators to add more jobs and build opportunities now and in the future.

"Governor Scott's 'Fighting for Florida's Future' tax package includes a number of cuts which will significantly support Florida's retailers, including a reduction in the business rent tax, cutting the business tax and including an expanded back-to-school sales tax holiday among others," said FRF President & CEO Randy Miller. "FRF is excited about what the Governor's tax cut package will mean for growing Sunshine State businesses, creating new jobs for Florida families and ensuring our state remains competitive."

Governor Scott said, “While Florida’s economy has made great strides over the past six years, we have to continue to fight for Florida’s future and ensure our children and grandchildren have the opportunity to succeed in our great state. We know one of the best ways to do that is to keep cutting taxes, and even though we have already cut more than $6.5 billion in taxes, we can do more. That is why I am fighting for Florida families and our future generations by recommending to cut taxes by $618 million this year.

“When we cut taxes, it helps businesses create jobs – jobs that ultimately help the poorest, most disadvantaged families in our state. As I travel the state, I have been humbled by the stories of single parents, young students, new citizens and countless other Floridians who have shared with me how much of a difference a job has made in their life and in the lives of their families. These incredible stories are why we are fighting to secure a bright future for Florida, and cutting taxes will help make our state the top location for job creators to invest in for generations to come. I made a promise to keep fighting for jobs until my very last day as Governor, and I ask the Legislature to join me in fighting for the future of our students, our small businesses, our veterans and our families by cutting $618 million in taxes this year.”

Governor Scott’s “Fighting for Florida’s Future” tax cut package includes:

  • Decreasing the Tax on Business Rents by $454 Million – Florida is the only state that has a tax on commercial leases which unfairly targets small businesses. Governor Scott is proposing to reduce the tax on commercial leases by 25 percent in 2018, saving Florida businesses $454 million a year. Sales Tax Holidays to Save Families $98 Million – Governor Scott is proposing four sales tax holidays which will save Florida families an estimated $98 million in the upcoming fiscal year. These sales tax holidays include:
    • $72 million from a 10-day back-to-school sales tax holiday;
    • $7 million from a nine-day disaster preparedness sales tax holiday;
    • $18.4 million from a three-day veteran’s sales tax holiday; and
    • $500,000 from a one-day camping and fishing sales tax holiday.
  • Providing a One-Year Sales Tax Exemption on College Textbooks to Save Students $48 Million – Governor Scott is proposing to exempt the purchase of college textbooks from the sales tax for the 2017-18 academic year. The prices of college textbooks have increased significantly, often exceeding $100 per book. Exempting college textbooks from the sales tax is expected to save Florida students $48 million.
  • Cutting the Business Tax to Save Job Creators $15 Million – Governor Scott is proposing to exempt 22.5 percent of businesses from having to pay income taxes by increasing the corporate tax exemption from $50,000 to $75,000. Eliminating this tax will provide annual savings of $15 million and help more small businesses hire additional workers. This proposal will eliminate these taxes for more than 80 percent of Florida’s businesses. This exemption was increased from $5,000 to $25,000 in 2011 and $50,000 in 2012.
  • Exempting School Book Fairs from the Sales Tax to Save Families and Students $3 Million – Governor Scott is proposing to exempt the purchases of books at school book fairs from the sales tax, saving Florida families $3 million each year.

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Read 3406 times Last modified on Wednesday, 25 January 2017 12:31