House OKs tax package, includes business rent tax cut
TALLAHASSEE, Fla. – Feb. 11, 2016 – At the midway point of the 2016 legislative session, the Florida House advances one of Florida Realtors' key initiatives for the 2016 session: a reduction in the business rent tax. Under one of the provisions in House Bill 7099, a 1 percent tax cut on commercial leases would take effect July 1, 2017. It would drop another percentage point in 2018.
The bill passed the House by a vote of 96 to 17.
"We thank Speaker Steve Crisafulli (R-Merritt Island), Rep. Matt Gaetz (R-Shalimar) who Chairs the Finance and Tax Committee, and the House members who supported a reduction in the business rent tax," says Carrie O'Rourke, vice president of public policy for Florida Realtors. "The tax cut will save every small business owner money each year – money that can be used to hire new employees or expand their business."
The bill will now be sent over to the Senate where representatives of both chambers will get together and negotiate items to include in the Florida Legislature's final tax package.
Florida is the only state that taxes business rent.© 2016 Florida Realtors®