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CFO Jimmy Patronis: Commercial Lease Sales Tax Cut a Huge Win for Florida Small Businesses

6/12/2024
For Immediate Release: Wednesday, June 12, 2024
Contact: Office of Communications, Communications@MyFloridaCFO.com, 850.413.2842
 
CFO Jimmy Patronis: Commercial Lease Sales Tax Cut a Huge Win for Florida Small Businesses

TALLAHASSEE, Fla. - Today, during a meeting of the Florida Cabinet, Chief Financial Officer (CFO) Jimmy Patronis voted to approve rules to implement a reduction in Florida’s Commercial Lease Sales Tax rate to reduce the tax burden on small businesses following the successful replenishment of the Unemployment Compensation Trust Fund. Passed by the Florida Legislature in 2021, the Commercial Lease Sales Tax cut will reduce the rate from 4.5 percent to 2.0 percent, providing Florida employers with an estimated $1 billion in tax relief. Last session, CFO Patronis also supported measures that would provide counties with the authority to provide tax breaks for small local businesses by allowing local governments to forgo the collection of their business rent taxes.

CFO Jimmy Patronis said, “As a former small business owner, I’m continuously looking for ways to help reduce the tax burden on Florida’s businesses and job creators. Because of prudent financial management, Florida’s economy is in the best fiscal health in state history, and it’s vital that we pass that success back to Floridians in the form of tax cuts. This reduction in the Commercial Lease Sales Tax is a huge win for Florida businesses, saving them an estimated $1 billion in tax relief. This is especially helpful to small business who often do not own their facilities like the big box stores. While Washington will tax and spend you to death, in Florida we work to keep more money in your pocket to help you grow your business.”

In 2022, Florida began replenishing the state's Reemployment Assistance Trust Fund after the increase in reemployment assistance benefits payments nearly depleted it in 2020. The Florida Department of Revenue directed by the Florida legislature, distributed $90 million monthly to replenish Florida’s trust fund, and as of March 21, 2024, the trust reached the $4.1 billion threshold. Since the threshold was met, Florida can now reduce the Commercial Lease Sales Tax.

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About CFO Jimmy Patronis
Chief Financial Officer and State Fire Marshal Jimmy Patronis is a statewide elected official and a member of Florida’s Cabinet who oversees the Department of Financial Services. CFO Patronis works each day to fight insurance fraud, support Florida’s firefighters, and ensure the state’s finances are stable to support economic growth in the state. Follow the activities of the Department on Facebook (FLDFS) and Twitter (@FLDFS).

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