House Completes Work On Scott’s Tax Cuts
TALLAHASSEE (CBSMiami/NSF) – The Florida House passed a plethora of tax cuts Thursday that includes multiple sales tax holidays in the coming year. The bill will reduce the state revenue by $100 million and complete Governor Rick Scott’s election year plan of $500 million in tax cuts.
According to the News Service of Florida, the House bill will designate a sales-tax holiday of 12 days in June on certain hurricane preparedness supplies. It will also include a three-day tax holiday in August for clothes and shoes priced at $100 or less, school supplies priced at $15 or less, and the first $750 of computers and certain accessories.
In addition, the bill has a three-day holiday in September on the first $1,500 of the prices of certain energy and water efficient appliances. Finally, it has a seven-day tax holiday in September for physical-fitness memberships.
A separate provision will also give corporations a tax cut by increasing the corporate income tax exemption from $50,000 to $75,000.
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