Businesses to save on rent thanks to new tax cuts

Photo courtesy of Dennis Capati / MGN
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By: Capitol News Service
May 16, 2019

TALLAHASSEE, Fla. (CNS) – Florida businesses will see a decrease in their rent starting July 1.

Under the tax package signed by Governor Ron DeSantis, sales tax applied to business rent tax will be reduced from 5.7 percent to 5.5 percent.

Carolyn Johnson with the Florida Chamber of Commerce said the cuts will impact most businesses in the state.

“Almost every business leases their space and they are charged a sales tax on that rent. So, this reduction will result in significant savings to businesses across the state, job creators across the state and allow them to reinvest back into their business,” said Johnson.

The reduction is expected to save Florida businesses $65 million over the next year.



 
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