DeSantis Approves Comprehensive Tax Package to Boost Individuals and Corporations in Florida

On Tuesday, Governor Ron DeSantis signed House Bill 7073, offering Floridians $1.07 billion in tax relief this year. Combined with the $450 million in toll relief signed last month, this brings the total savings for Florida families to $1.5 billion for Fiscal Year 2024-25.

The tax package provide homeowners a one-year exemption on taxes on residential property and flood insurance premiums. This is in addition to the $200 million that was signed last month for the My Safe Florida Home Program, bringing the total investment to the program to over $600 million since 2022. Since the Governor signed reforms in 2022 and 2023, eight new companies have joined the homeowners insurance market in Florida. Ten insurance companies have filed a zero percent increase and 10 more have filed a rate decrease to take effect in 2024.

Additionally, this year’s tax cut package is a continuation of our annual tax holidays. These tax holidays include:

Two Disaster Preparedness Holidays;
- June 1—14 and August 24—September 6, families can prepare for hurricane season with items like tarps, batteries, and flashlights, sales tax free.
The Back-to-School Sales Tax Holiday;
- July 29—August 11, families can save on pens, pencils, computers, clothing, and other school supplies.
The Tool Time Sales Tax Holiday;
- September 1—7, Floridians can save on power tools, hand tools, toolboxes, and other items.
The Freedom Month Sales Tax Holiday;
- July 1—31, Florida families can purchase summer items like pool floats, fishing supplies, and outdoor equipment, in addition to admissions to museums and state parks, sales tax free.

The tax relief package also includes a sales tax credit for businesses that employ persons with disabilities. Additionally, the bill increases the cap for the Strong Families Tax Credit Program from $20 million to $40 million, which supports organizations focused on child welfare.

For a breakdown of the tax relief package, see below:

Insurance Premium Tax Relief
- Waives insurance premium taxes for one full year on homeowners’ insurance policies and flood insurance policies.
Sales Tax Relief
- Back to School Sales Tax Holiday
  - Clothing priced $100 or less.
  - School supplies priced $50 or less.
  - Computers or related accessories priced $1,500 or less.
  - Learning aids and puzzles priced $30 or less.
- Two Disaster Preparedness Sales Tax Holidays
  - For specified disaster preparedness supplies for families and their pets.
- Tool Time Sales Tax Holiday
  - Tools used in skilled trades—power tools, tool belts and boxes, etc.
- Freedom Month Sales Tax Holiday
  - For specified recreational items.
Child Focused Tax Credits
- Increases the cap for the Strong Families Tax Credit from $20 million to $40 million, which provides tax credits to companies that make charitable contributions to child welfare organizations.
- Creates a tax credit for employers who operate or support a childcare program for their employees.
Other Tax Relief
- Provides automatic return filing extensions for sales tax and corporate income tax in certain emergencies.
- Creates a corporate income tax credit for businesses that hire persons with disabilities.
- Limits documentary stamp tax assessments for reverse mortgages.