A cut in the state’s commercial lease sales tax, from 4.5% to 2.0%, will begin on June 1, weeks earlier than originally expected.
TALLAHASSEE, Fla. — Business owners will see an earlier-than-anticipated reduction to the state’s lease tax, beginning in June rather than July, state leaders said.
Florida’s commercial lease sales tax rate, also known as the Business Rent Tax, will be reduced from 4.5% to 2.0%, providing Florida employers with at least an estimated $1 billion in tax relief beginning June 1, FloridaCommerce said. The 2.5% reduction was originally slated to begin July 1.
“By slashing Florida’s commercial lease sales tax by more than half, we are easing the strain on Florida employers making it easier for them to grow their business, hire new employees and continue to thrive,” Florida Secretary of Commerce J. Alex Kelly said.
Florida Realtors® has long advocated for a reduction of the state sales tax rate charged for the rental, lease or license to use real property. Prior to the advocacy effort, the state sales tax rate was 6% on all commercial leases. This 2.5% reduction is the single biggest cut since Florida Realtors began advocating for the elimination of the Business Rent Tax years ago.
FloridaCommerce said more than 2.9 million new businesses have been created in the state since 2019, with 2.5 million of them created since January 2020.
© 2024 Florida Realtors®
©Florida Realtors®
Source link
