Florida Tax Relief – New Tax Breaks For Families and Businesses

Gov. Ron DeSantis recently signed into law a sweeping tax relief package that will save Floridians more than $1 billion. The legislation includes a one-year tax holiday and a host of new credits and exemptions. The tax break is particularly helpful for families. For example,beginning July 1,drivers can buy gasoline without paying tax on its purchase. They can also save nearly $2 per gallon on diapers and other baby items by switching to reusable diapers and inserts.

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The state’s Republican governor signed the largest tax relief package in state history. The new tax break will provide tax breaks on essential items like gas,diapers,clothes,and disaster supplies. The governor also announced the inclusion of a motor fuel tax break. These items are purchased by many Floridian families and will save them a considerable amount of money. The new law also provides tax breaks for certain types of appliances,including new cars and motorcycles.

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There are numerous tax breaks for businesses in Florida. Incentives range from a 50% discount on affordable housing to a 100% discount on a home’s property taxes. State economists expect that the tax credit for affordable housing will be worth $22.8 million next year. Another example is the increased cap on contaminated site rehabilitation tax credits,which has been raised from $10 million to $27.5 million. This one-time boost is expected to give corporations $17.5 million in tax credits.

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