Amid the furor over Florida’s tax-relief plan, Florida Democrats cried foul. They opposed the American Rescue Plan and filed suit against DeSantis in the Reedy Creek District. Whether this tax relief plan will actually help Florida’s taxpayers remains to be seen. Let’s take a look at the details.
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The most comprehensive tax relief package in Florida history was signed by Gov. Ron DeSantis, who is running for re-election. The bill, HB 7071, is estimated to cut sales taxes by about $190 million in the first two years. It also expands tax breaks for essential purchases like food, diapers, clothes, and disaster supplies. The legislation also cuts annual vehicle registration fees by $400 million.
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Another tax-relief package that DeSantis recently signed is a massive tax break package that favors businesses. Many business owners are campaign donors, and the tax-cut package is intended to reward them. One example is a $7.5 million aquaculture tax break that could go to the Atlantic Sapphire. This legislation will need to be approved by the Florida Legislature to go into effect.
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The tax relief package also extends tax deadlines for Floridians who have suffered losses due to Hurricane Ian. The hurricane, which made landfall in southwest Florida two weeks ago, left over a million Floridians without power and killed at least 81 people. The Internal Revenue Service has stepped in to help the hurricane victims by extending tax deadlines and lifting the dyed-diesel fuel penalty.-