Tip Of The Week - Newly Signed Law May Affect Your Business

On May 25th, 2017, FL Governor Rick Scott signed a House Bill (HB) 7109, Taxation.  

How will this affect your small business?

In case you missed this, we are presenting excerpts from the press release to you as it contains some useful information for you as a business owner, parent of school-aged child and person that lives in Florida. The sections presented are copied directly from the press-release. For questions regarding these new laws, the contact in Tallahassee is Katie Betta, (850) 487-5229.

 

 

BROAD-BASED TAX RELIEF PACKAGE BECOMES LAW
Back-To-School and Disaster Preparedness Sales Tax Holidays,
Lower Business Rent Tax

Tallahassee — 

Florida Governor Rick Scott today signed House Bill (HB) 7109, Taxation. The legislation, sponsored in the Senate by Senator Kelli Stargel (R-Lakeland), Chair of the Senate Committee on Finance and Tax, will deliver broad-based tax relief to families and businesses across the state.

Establishes the 2017 Back-To-School Sales Tax Holiday
The legislation creates a three-day “back-to-school” sales tax holiday from August 4-6, 2017, for clothing and footwear costing $60 or less, school supplies costing less than $15, and for a personal computer or personal computer-related accessories, including tablets, costing $750 or less.

Establishes the 2017 Disaster Preparedness Sales Tax Holiday
The legislation creates a three-day “disaster preparedness” sales tax holiday from June 2-4, 2017, for disaster preparedness supplies. Tax-free items include: flashlights and lanterns costing $20 or less; radios and tarps costing $50 or less; coolers and first-aid kits costing $30 or less; and, generators costing $750 or less, among others. 

Reduces Business Rent Tax
House Bill 7109 permanently lowers the sales tax charged on commercial leases. The state currently levies a six percent tax on the total rent or license fee charged for renting any real property. Residences are exempt from this tax, and Florida is currently the only state in the country to impose this type of tax on businesses. The bill permanently lowers the rate from 6 percent to 5.8 percent.

During the 2017 Legislative Session, the Senate Committee on Finance and Tax passed Senate Bill 378 by Senate President Pro Tempore Anitere Flores (R-Miami, Monroe) to lower the business rent tax.


The full press release may be found at: 
http://flsenate.gov/Media/PressReleases/Show/2729
 

Need to consult with a financial advisor to see how these new laws impact your business? 

Contact our firm for a complimentary consultation to discuss the details of your business. Our clients range from medium-sized companies to entrepreneurs! We offer you a peace of mind by providing you with customized accounting services in our Boutique Accounting Company.  


Here's to your success.

Wendy Ettorre