$1.2 billion worth of 2023 tax relief is expected to be provided to the residents of Florida. The bill was already authorized by the Senate Finance and Tax Committee and is just waiting for the legislature’s approval.On April 18, the Senate Bill 7062 was approved by the Senate Finance and Tax Committee. By April 25, it has also gained the approval of the Appropriations Committee. If the legislature also approves the bill, it is expected to provide $1.2 billion worth of permanent and temporary 2023 tax relief to the residents of Florida.
According to Burgess, the Senate Bill 7062 was based on the tax cut proposals of Ron DeSantis, the state’s governor. If signed into law, it could result to over $3 billion worth of 2023 tax relief to the residents of the state.
2023 Tax Relief in Florida
According to Jain, the 2023 tax relief in Florida also offers sales tax exemptions on oral hygiene products, baby and toddler products, diapers and incontinence products, learning aids, firearms safety devices, and equipment used in natural gas production.
In addition, the 2023 tax relief in Florida also intends to set a sales tax holiday during the back-to-school event from July 24 to August 6. Reports say this sales tax holiday is intended to provide tax breaks on personal computers, school clothing, and puzzles. Furthermore, this bill will set a tax-free period in January 2024.