Florida’s new governor wants to reduce the tax burden for families and businesses by providing tax breaks on some items. The proposed tax “holidays” would have to be approved by the Florida Legislature. However, the proposal is expected to save Florida taxpayers $1.1 billion over two years. The plan includes tax breaks on sports equipment, school supplies, and pet food.
The tax cuts are aimed at boosting job creation and business development in Florida. To find out more about the tax breaks available, browse through the table below. Clicking on an incentive will take you to more information on that incentive. You can also click on the drop-down arrows on the table headers to learn more.
Taxpayers suffering a loss due to a hurricane may be eligible for tax relief. The IRS will waive filing fees for those with hurricane-related losses. In addition, taxpayers must submit Form 4506, which is a copy of the affected tax return. Taxpayers must include their FEMA disaster declaration number in the bold letters section of their tax return.
The Governor also announced a statewide toll relief plan earlier this month. This plan would reduce toll prices by 50 percent for commuters who use toll roads 40 or more times in a month. The proposal would save an average commuter around $550 over the year. It would affect approximately 750,000 Floridians who regularly travel across the state.-