Tax Cuts
Strengthen and Diversify Florida's Economy
Strengthen and Diversify Florida's Economy
Drive Innovation and Global Competitiveness
Drive Innovation and Global Competitiveness
Help Small Businesses Grow and Expand
Help Small Businesses Grow and Expand
Put More Money In Your Pocket
Put More Money In Your Pocket, Not Government
GOVERNOR SCOTT’S $1 BILLION TAX CUT PACKAGE WILL GROW SMALL BUSINESSES & DIVERSIFY THE ECONOMY
 
Governor Rick Scott is proposing $1 billion in tax cuts to grow the manufacturing industry and Florida’s small businesses to further diversify the economy and guard Florida against another economic downturn.
 
Governor Scott’s $1 billion tax cut package includes:
 
  • Permanently Eliminating Income Tax on Manufacturing and Retail Businesses - The elimination of this tax will reduce the cost for businesses in Florida by about $770 million annually, attract more businesses to the state, and diversify Florida’s economy by helping more businesses succeed.
  • Permanently Eliminating the Tax on Manufacturing Machinery and Equipment - This tax cut is estimated to reduce the tax liability of Florida’s manufacturing businesses by $76.9 million annually beginning in 2017. By permanently eliminating this tax, Florida will be more competitive for manufacturing businesses to start or expand. If no action is taken during the upcoming legislative session, there will be a substantial tax increase on Florida manufacturers.
  • Cutting the Tax on Commercial Leases - 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 1 percent in 2017 through the use of both recurring and non-recurring funds. This will save Florida businesses $339 million over the next two fiscal years.
  • Extending the Sales Tax Exemption on College Textbooks - Governor Scott is proposing to extend the sales tax exemption on the purchase of college textbooks for an additional year. The prices of college textbooks have increased significantly over the years, often exceeding $100 per book. Exempting college textbooks from the state sales tax is expected to save Florida students $46 million.
  • Saving for Families with Sales Tax Holidays - The budget includes funding for a 10-day back-to-school sales tax holiday and 9-day hurricane preparedness sales tax holiday. These two tax holidays will save Florida families an estimated $72.8 million in the upcoming fiscal year.
 
 
Share your support.
Join Governor Scott in informing Floridians about the importance of tax cuts to Florida's economy by sharing your support. You can also share your support for tax cuts and more jobs in Florida by contacting your Representative or Senator.
 
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