FL House Voting On Consumer, Business Tax Breaks

TALLAHASSEE, Fla. (AP) — Tax breaks for consumers and businesses alike are getting floor votes in the Florida House.

The chamber is voting Wednesday on another installment of the popular back-to-school sales tax “holiday” and business tax reductions and economic development incentives.

The three-day sales tax holiday (HB 737) Aug. 3-5 would cost the state and local governments an estimated $31.8 million.

The estimated annual cost of the business tax cuts and incentives is $121.1 million.

That bill (HB 7087) includes Gov. Rick Scott’s request to increase the corporate income tax exemption from $25,000 to $50,000.

It would reduce the number of corporations that pay the tax from 15,000 to 11,000.

Other provisions include increased tax credits for business investments in low-income communities and in industrial machinery and equipment.

Source: Associated Press