Florida Governor Ron DeSantis has now announced a bold plan to eliminate business rent taxes and property taxes in the state.
During a news conference in Winter Haven, he criticized the existing business rent tax, noting that Florida is the only state that imposes such a tax and argued that it doesn’t make sense.
He mentioned that while the tax does generate revenue, the economic benefits of completely removing it would outweigh the gains.
Over the past few years, Florida has seen a reduction in the business rent tax from 5.5% to 2%, and DeSantis proposed that it be eliminated entirely by 2027.
He believes that the state’s budget surpluses, driven by a growing economy, provide an opportunity to cut these taxes without financial constraints.
In addition to the business rent tax, DeSantis is also advocating for significant reductions in property taxes.
He has called on lawmakers to draft legislation that would enhance homestead exemptions or generally lower property taxes. This would require a constitutional amendment and ultimately approval from a significant majority of Florida voters.
“At one point, we just had so much money pouring in — not even through taxing people, just because of the growth and everything happening — that we were like, ‘What are we gonna do?’ And so we were able to cut taxes. We did something called ‘Moving Florida Forward.’” DeSantis said.
DeSantis’s tax relief package includes various other tax holidays, such as back-to-school sales tax exemptions and temporary breaks on outdoor recreation items.
He emphasized the importance of a low-tax environment in attracting new residents to Florida and criticized high-tax states for creating burdens that lead to rapid budget escalations.
As discussions continue around these proposals, the implications of such drastic tax cuts remain a critical topic for Florida’s future, with potential impacts on both businesses and residents.
The governor’s plans aim to reshape Florida’s tax landscape and stimulate further economic growth.
[READ MORE: DeSantis Announces Plan to Repeal Florida’s Red Flag Laws]
