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Taxes in Florida

For decades Florida has been notorious for their economy; there are some major factors that benefit the residences such as the low tax rates and government funding. In the past decade countless individuals have sought out residence. Florida so that they can increase their wealth. Many people continue to move to the state because the economy is shaped and the way that a lot of financial matters are handled. The policies that have been put into place in the duration of Florida’s history helped to shape it to what it is today. Even in the 2020's the state is still known for its good prices and low tax rate, which drives many people to move to the state yearly.

Significant Florida Tax Changes Since The 2010's
In 2018 There was a “new tax law, Tax Cuts and Jobs Act” that was put in place as cut the corporate tax rate by over 10% (Sal Nuzzo)

Business will be able to cut back on some of the spendings since “the sales tax on the rent, lease or license fee charged for commercial real property was reduced from 5.8 percent to 5.7 percent” in 2019 (Florida TaxWatch)

In 2024 “Florida’s taxpayers are in store for $1.5 billion in tax relief in the coming year, including $450 million in toll relief” which is very beneficial for those that reside in the state (Florida Departments of Veterans Affairs)

Being one of the least taxed states in the United States, “Florida does not have an estate tax or inheritance tax” as of 2024 (Tax Foundation)

Major Florida Tax History

Since 1968 Floridians have not paid income taxes as “the Florida Constitution was ratified to prevent the state from collecting an income tax” and has not been put back in place since. (Padgett Logan). This has not been changed for over 50 years, which can be seen in the graph on the right.

In 2004 “the state abolished its estate tax, inheritance tax, and gift tax” which decreased expenses for Florida residents (Padgett Logan).

In 2021 “the Unemployment Compensation (UC) Trust Fund was decimated by job losses during the pandemic which left the Florida Economy very hurt (Florida TaxWatch).

Though Sales tax is still utilized in the state, over the years the state has designated days and weeks of the year for being tax free.

Florida’s 2024-2025 Fiscal Policy

Florida Residents are eligible having “[waived] insurance premium taxes for one full year on homeowners’ insurance policies and flood insurance policies” (Florida Governor). This is very beneficial for residents because not only is insurance expensive, but flood insurance can be very pricey since hurricanes and flooding is common throughout the state of Florida.

Some businesses will be benefiting from the tax changes as was as “a tax credit for businesses that employ Floridians with unique abilities, saving these businesses $5 million annually for each of the next three years” (Florida Department of Veterans Affairs).

Around the country toll roads are known to be very dreadful and pricey at times. The State of Florida is aiming to implemented lower toll road prices in 2024. Transportation prices should fall in the state as “$450 million in toll relief to frequent Florida commuters” (Florida Department of Veteran Affairs). Being that the many people commute throughout Florida and travel around the state year-round, this should save people a lot of money.

There is "a one-week skilled workers sales tax holiday” that is targeted to provide discounts for “skilled workers on tools and equipment they need for work”, but ultimately will be available to anyone (Florida Department of Veterans Affairs).

2024 Tax Relief Plans

Back to school can be very expensive for people of all ages such as students in grade school, college students, and parents or guardians that may be providing financial help for them. As people prepare their kids for the school year “families can save on pens, pencils, computers, clothing, and other school supplies” during the last weeks of the summer break (Florida Governor). During the designated time period certain items will be tax free, which will allow people to save their money or put it towards other expenses.

There are designated days and weeks throughout 2024 where people in Florida will be able to make certain purchase that are free of tax. Tax holidays that allow families to "prepare for hurricane season with items like tarps, batteries, and flashlights, sales tax free” and save money in the process (Florida Governor).

Students are not the only people save a lot of money this year. Homeowners are now able to withdraw from paying insurance on their houses. Individuals can opt to not pay certain insurance taxes as people are now eligible to “[waive] insurance premium taxes for one full year on homeowners’ insurance policies and flood insurance policies” for the next year (Florida Governor). Additionally, officials within the Florida government are looking to possibly extend the length of the tax-free period within the next few years.

In regards to child care “Strong Families Tax Credit from $20 million to $40 million” which “provides tax credits to companies that make charitable contributions to child welfare organizations” which will help with given organizations budgets (Florida Governor).

References

Florida Department of Veterans’ Affairs. “FDVA - Florida Department of Veterans’ Affairs.” Governor Ron DeSantis Signs Fiscal Year 2024-2025 “Focus on Florida’s Future” Budget – Florida Department of Veterans’ Affairs, 12 June 2024, floridavets.org/governor-ron-desantis-signs-fiscal-year-2024-2025-focus-on-floridas-futu re-budget/.

Padgett, Logan. “Is Florida Such a Tax-Friendly State?” James Madison Institute, 1 Feb. 2023, jamesmadison.org/is-florida-such-a-tax-friendly-state-2/.

Nuzzo, Sal. “Companies in Florida Are Expanding with New Tax Law.” James Madison Institute, Sal Nuzzo, 6 Feb. 2018, jamesmadison.org/sal-nuzzo-companies-in-florida-are-expanding-with-new-tax-law/.

“Tax Changes over Time.” Florida TaxWatch, 2024, floridataxwatch.org/Research/Taxes-Over-Time.

“Governor Ron DeSantis Brings More Tax Relief for Florida’s Families.” Florida Governor Ron DeSantis, 7 May 2024, www.flgov.com/2024/05/07/governor-ron-desantis-brings-more-tax-relief-for-floridas-fa milies/.

“Florida Tax Data Explorer.” Tax Foundation, 10 June 2024, taxfoundation.org/location/florida/