After Gov. Ron DeSantis formally approved Florida’s tax package for the upcoming fiscal year, the National Federation of Independent Business (NFIB) is cheering on the legislation.
Specifically, the organization is praising lawmakers for eliminating the business rent tax in Florida. The Sunshine State was the only state in America that taxed businesses that rent commercial space.
After dropping the rate to 2% last year, lawmakers this Session decided to eliminate it entirely, cutting around $904.8 million from Florida’s coffers in the next fiscal year.
But Bill Herrle, executive director of NFIB Florida, raved about the decision, which he says will improve Florida’s business environment.
“Today’s signing is a culmination of a 10-year effort from small business owners across the Sunshine State who have worked tirelessly to get the business rent tax completely and permanently eliminated,” Herrle said.
“The business rent tax has a direct impact on a small business’s bottom line, and by eliminating this tax, small businesses who rent or lease properties will see immediate economic relief. We appreciate the Florida Legislature and Gov. DeSantis for finally making this a reality for the small business community.”
DeSantis signed the measure Monday, just one day before Florida’s fiscal year is set to start.
At an event in The Villages promoting the move, DeSantis also had strong words for the now-defunct business rent tax.
“It’s not good for our economy. It’s not good for business growth. And so that tax is being sunsetted. How many times do you hear governments eliminating a tax?” he said.
Sen. Ed Hooper, a Clearwater Republican and budget Chair, also promoted the move.
“Local businesses create the jobs families need to thrive, and communities need to grow. Currently, Florida is the only state charging a tax on commercial leases. By eliminating this tax on the rent businesses pay for their operations, we are helping keep Florida a competitive place to start and grow a business,” Hooper said.
“Every little bit saved on taxes helps families and seniors trying to make ends meet. Broad-based, reliable sales tax relief on clothing and shoes during the month of August will be meaningful for families and seniors alike. Permanent tax savings on key home and personal safety supplies help keep these items affordable, while eliminating the tax on annual state park passes creates tax savings for healthy, family-friendly adventures in our nationally recognized state park system.”
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