Three new tax holidays for Florida residents
On May 21, Gov. Ron DeSantis signed the HB 7061 bill, creating three new sales tax holidays for Florida residents.
The first tax holiday aims for disaster preparedness as hurricane season begins on June 1. According to News4Jax, the sales tax holiday will take place from May 28 through June 6.
Floridians will be able to make tax-free purchases on a number of survival tools. Sales tax will be waived on gas tanks, batteries, portable radios that cost $50 or less; tarps that cost $100 or less; reusable icepacks that cost $20 or less; non-electric coolers that cost $60 or less; and portable generators that cost $1000 or less.
The “Freedom Week” tax holiday will run from July 1 through July 7 and offers Floridians an opportunity to purchase recreational goods and event tickets.
Consumers can purchase tax-free tickets for museums, sporting events, gym memberships, concerts, fairs, theaters, festivals, and other events that are scheduled prior to Dec. 31.
“We’re proud of being open, and we want taxpayers to be able to benefit if they’re participating in all these things,” DeSantis said during a press conference. “No state has had more events than we’ve had over the past year.”
The back-to-school sales tax holiday will last July 31 through Aug. 9. Clothing that costs $60 or less, school supplies that cost $15 or less, and the first $1000 of personal computer purchases will all be tax-exempt during this period.
Additionally, the new legislation permanently removes sales tax from independent-living items such as bed rails, grab bars, and shower seats.
It’s estimated that these tax holidays will save Floridian taxpayers $168 million. The Florida House estimated that the exemptions could cost the state $100 million in tax revenue, but the state is expected to offset that loss with $1 billion in online sales tax collection.
Some of the proceeds will be transferred to Florida’s unemployment trust fund which will reduce unemployment taxes for local businesses.