Florida Realtors¨
: Successfully Advocating
for Commercial Real Estate
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2017
1. First-ever cut to the Business Rent Tax
2. Advocated for the creating of Qualified
Opportunity Zones
2018
1. Second cut to the Business Rent Tax
2. Passed Amendment 2, which stopped a
$725 million tax Increase by permanently
capping property tax increases on commercial
investment properties
2019
1. Third cut to the Business Rent Tax
2. Approval of online notaries
3. Extended a tax break for energy efficiency
improvements to commercial buildings
2020
1. Ensured that commercial real estate
transactions did not shut down during the
COVID-19 pandemic
2. Eliminated the burdensome dual signature
requirement on commercial leases longer than
one year
3. Made sure that commercial Realtors would have
access to federal COVID-19 relief programs
2021
1. Major cut to the Business Rent tax from 5.5% to
2% once the unemployment compensation trust
fund is replenished in 2024
2. Backed the successful legal battle to end the
prolonged eviction moratorium
3. Defeated the proposed limitations to the 1031
like-kind exchange that were in the Build Back
Better bill
2022
1. Increased zoning flexibility for mixed-use
projects to benefit affordable housing and
commerce activities
2023
1. Early cut to the Business Rent Tax from 5.5% to
4.5% ahead of the planned 2024 cut to 2%
2. Gave businesses access to new tax relief
programs in the Live Local Act Ð groundbreaking
housing legislation that lets more Floridians live
where they work
3. Provided businesses with new tools to help push
back against harmful local ordinances
Florida Realtors¨
:
Successfully Leading the Charge to
Reduce FloridaÕs Business Rent Tax
Florida is the only state in the nation to charge a sales tax on
businesses that rent their commercial space. This Business Rent Tax
is a spur in the stateÕs economic boot, driving companies away and
preventing many businesses from expanding.
Recognizing the dangers of this tax, Florida Realtors led the way
on a nearly decade-long advocacy effort to reduce and eliminate it.
Thankfully, those efforts have met resounding success with continued
cuts to the tax over the years:
2017 Ð 6% cut to 5.8% ($61 million saved)
2018 Ð 5.8% cut to 5.7% ($31 million saved)
2019 Ð 5.7% cut to 5.5% ($156 million saved)
2021 Ð 5.5% cut to 2% in summer 2024 ($1.23 billion saved)
2023 Ð 5.5% cut to 4.5% ($256 million saved), ahead of the
cut to 2% in summer 2024
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Florida Realtors¨
:
Protecting Businesses from
Massive Property Tax Increase
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IN 2018, businesses throughout
Florida were set to inherit the bulk
of a whopping $725 million property
tax increase. This was because the
10% cap on annual increases of nonhomestead property taxes was set to
expire in 2019.
Non-homestead properties are
properties that do not serve as a
personÕs primary residence, such as
commercial properties occupied by
small businesses.
Florida Realtors was aware of this
looming tax increase and worked
with Florida lawmakers to create a
constitutional amendment that would
make the tax cap permanent. After
a successful ballot campaign led
by Florida Realtors, Amendment 2
was passed by Florida voters, saving
businesses from the massive tax
increase.
Florida Realtors¨
:
Getting Businesses Involved in
Workforce Housing Solutions
IN 2023, Florida lawmakers passed
a historic housing bill, known as
the Live Local Act, that was heavily
supported by Florida Realtors. The
Live Local Act is aimed at helping
more Florida workers live in the
communities they serve.
Included in this groundbreaking
law is a new corporate tax donation
program that allows Florida
businesses to directly contribute to
FloridaÕs workforce housing needs.
Businesses that make monetary
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donations to the Florida Housing
Finance Corporation to fund the State
Apartment Incentive Loan (SAIL)
program may receive a dollar-fordollar credit against corporate income
or insurance premium taxes, up to
$100 million total.
This credit could be very beneficial
to businesses which may have
maximized their yearly 10%
charitable deduction limit and
would also like to invest in workforce
housing initiatives.