The outlook for Florida business owners just got a bit brighter today with the passing of House bill 7109.
House Ways and Means Committee and Representative Jim Boyd (R-Bradenton) is leading the charge to make Florida more attractive to new and current businesses.
“I support business growth in Florida, whether it’s organic or it’s new business,” explains Boyd.
Today, Florida is the only state that charges the business rent tax, putting Florida at a competitive disadvantage to other states. This makes it hard for Florida to attract new companies. It’s also a good reason why some companies decide to leave.
HB 7109 would reduce business rent tax by 1.5 percent for two years and there’s a permanent reduction of the tax by 0.5 percent. The bill also increases the amount of tax credits available for qualified research and development by $11 million, with the hopes it will support more innovation and higher paying jobs.
The bill also includes sales tax holidays for school supplies and disaster preparedness.
“This House tax cut package will mean more money in the pockets of moms, dads, veterans, teachers, students, job creators and job seekers. Simply put if you walk, talk, eat, go to school, serve in the military, want to prepare for a hurricane, own a small business, have a child and more you’re getting a tax cut from the Florida House,” Boyd says.
“The reduction of the Florida-only business rent tax, along with a greater investment on research and development and sales tax holidays will provide meaningful relief to Florida businesses and families,” said Carolyn Johnson, Director of Business, Economic Development and Innovation Policy for the Florida Chamber of Commerce. “The Florida Chamber commends Chairman Boyd and House leadership for their effort and looks forward to continuing the conversation in the Senate.”
This Florida Chamber-backed bill:
- Reduces the cost to lease business space, allowing businesses to reinvest money saved in additional employees, employee benefits or in additional capital,
- Encourages research and development (R&D) in Florida, spurring innovation, growth and high-wage jobs, and
- Provides tax relief for Florida families and makes Florida more competitive.
HB 7109 moves to the Florida Senate.