Senate Tax Package Benefits Families and Job Creators
Senate Tax Package Unveiled in Final Days of Session
On March 11, 2020, the Senate released its initial version of the 2020 tax package in the Senate Appropriations Committee. The proposed Senate tax package mirrors many provisions of the House tax package and is set to be heard on the Senate floor tomorrow, March 12.
The Senate tax package contains the following Florida Chamber-backed provisions:
• A reduction in the Florida-only business rent tax from 5.5 percent to 5.4 percent;
• A reduction in the state communication services tax by 0.5 percent;
• Reauthorization of the Qualified Targeted Industry Tax Refund program which was set to expire on June 30th without legislative action; and
• Back-to-school and disaster preparedness sales tax holidays.
Additionally, the original Senate proposal included a simplified version of the Tourist Development Tax (TDT) compared to the House tax package, and would have allowed only certain qualified counties to use TDT revenue for water quality improvement projects. An amendment in committee completely removed the language, ensuring TDT funds are only available for what’s currently allowable under state law, such as tourism marketing.
Finally, the Senate tax package contained a rewrite of the House’s proposal to recalculate the property-tax exemption for non-profit hospitals. The Florida Chamber and its members are still reviewing this language to ensure that hospitals are not needlessly targeted.
Initial negotiations with the House shaped today’s tax package, but several unplanned amendments means more work remains between the two chambers to agree on a final product.
Additionally, Appropriations Committee Chairman Senator Rob Bradley warned that the final allocation of money for the tax package may be reduced as budget negotiations continue in the final days of session.
Help Us Make A Difference
How does the Senate tax proposal impact you? Contact Carolyn Johnson and share your thoughts at cjohnson@flchamber.com.
