Hi, I’m Bette Hochberger, CPA, CGMA. On May 6th, Florida Governor Ron DeSantis signed House Bill 7071, which provides more than $1.2 billion of tax relief for Floridians. This bill is a massive tax relief bill that includes ten tax holidays. We’re going to run through them quickly.
#1) A one-month fuel tax holiday, October 1 through October 31, 2022, will save Floridians $200 million, lowering the gas price by 25.3 cents per gallon. That will be a welcome relief if you’ve been paying this over $4 per gallon gas price. I am so looking forward to that in October.
#2) A three-month sales tax holiday on children’s books, May 14 through August 14, 2022. That’s great because it’s summer; you got to keep those kids busy in the summer. So sales tax relief on children’s books.
#3) A one-year sales tax holiday, July 1, 2022, through June 30, 2023, for baby and toddler clothing and shoes. You know how expensive that stuff can be if you’ve had a child, OMG, especially as they grow out of everything so quickly.
#4) For diapers, a one-year sales tax holiday, July 1, 2022, through June 30, 2023. OMG, another super expensive thing when you’ve got little kids. So that’s a great relief for families with small children.
#5) 14-day back-to-school sales tax holiday. It’s going to be from July 25 to August 7. Clothing, shoes, backpacks, school supplies, and more.
#6) 14-day disaster preparedness sales tax holiday. Again, one we’ve had for a couple of years, May 28 through June 10. It’s hurricane season. So make sure you get your flashlights, radios, tarps, batteries, and all that good stuff. Get ready for the hurricanes.
#7) We will have a seven-day sales tax holiday from September 3 through the 9th for tools and other home improvement items. Maybe you need to fix some stuff up at the end of hurricane season if it’s a bad season.
#8) A two-year sales tax holiday, July 1, 2022, through June 30, 2024, for impact-resistant windows, doors, and garage doors. That is huge for Florida. Again, hurricanes. If you don’t already have those impact items on your house, you’ll want to get them. Such a great deal for fantastic things to add value to your home and protection from hurricane season, and now you’re getting a sales tax break.
#9) The seven-day freedom week, July 1 through July 7, 2022, sales tax exemption for admission and items related to recreational activities. Yes, I love it. You got to buy tickets. Save some sales tax money.
#10) And last but not least, one-year ENERGY STAR appliance sales tax, July 1 through June 30. That will be on your big machines; washers, dryers, refrigerators, etc.
So substantial tax savings for Floridians. If you need to do some shopping, check those dates, make sure you’re going to make those big-ticket item purchases during the sales tax holidays, and save yourself a ton of money. How awesome is that?
That’s it for me for Tax Tip Tuesday today, and we’ll see you next time.