What to know about Florida's $1.3 billion tax relief package
Gov. Ron DeSantis signed a sweeping $1.3 billion tax relief package last week.
Why it matters: The package is the largest in Florida's history, offering over $100 million in extra savings compared to last year's $1.2 billion tax plan. It also bumps the total savings for fiscal year 2023-24 to a whopping $2.7 billion.
- The law expands sales tax holidays, reduces the commercial-lease tax, and introduces permanent tax exemptions for baby and toddler products.
- DeSantis proposed many of the package's savings in February.
Here's a roundup of savings from the package:
👶 Floridians will save an estimated $186.2 million per year with a permanent sales tax exemption on diapers for children and elderly adults — and cribs, strollers and breast pumps, among other products.
🎒 The relief package expands sales tax holidays for back-to-school items, with the events taking place from July 24 through Aug. 6, and from Jan. 1 through Jan. 14, 2024.
🪥 Oral hygiene products, including toothbrushes, toothpaste and mouthwash, are permanently exempted from sales tax — saving consumers an estimated $67 million every year.
🍳 DeSantis fulfilled his promise to make gas stoves tax-free, saving consumers around $7 million. The move is a nod to a misleading talking point that the White House is after the kitchen appliance.
Be smart: Some retailers exploit sales tax holidays by raising their prices or watering down promotions, according to the Florida Policy Institute, a progressive-leaning research organization.
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