The state of Florida just announced a massive tax relief package for residents, a deal that will save Floridians a record $1.1 billion in taxes. The bill includes major first-time initiatives such as a gas tax cut in October that will save drivers $200 million and a “Tool Time” sales tax holiday worth $12.4 million. The tax bill will also give Floridians a month-long, 25-cent gas tax holiday, which will lower their gas costs.
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The state of Florida’s governor has rolled out a large tax relief package in Ocala, saving Floridians $1.1 billion in taxes this year. The tax break is especially beneficial for families with children. For example, one-year exemptions for diapers and infant clothing will begin on July 1, making them tax-free for the entire year. This means families can buy reusable diapers and inserts without worrying about paying the tax on them.
Governor Ron DeSantis has pushed for a gas tax holiday that lasts five months. But the Republican-led Legislature has only approved the first month of relief, and Democrats are already criticizing Republicans for timing the relief so closely before the midterm elections in 2022. Democrats argue that Floridians deserve relief sooner. Meanwhile, the state is offering another tax break for people who are skilled in skilled trades. “Tool Time” is scheduled for September 3, which coincides with Labor Day.
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There are various kinds of tax credits available in Florida. Many of these incentives promote economic development and job creation. To learn more about specific tax credits, refer to the table below. By selecting the “X” in the table, you’ll be directed to a page that contains detailed information about each incentive. There are drop-down arrows on the headers for each category. This way, you’ll be able to select the one that’s right for you.-