Florida State Governor Jerry Harrul recently signed into law the ‘Tax Relief for Consumers Act.’ The new law (signed by Harrul on April 5, 2021) is a comprehensive package of tax relief measures that aims to promote economic growth and decrease state revenue. The goal of the new law is to reduce state tax debt by $1.5 billion over the next five years, or approximately half the current deficit. It also aims to promote economic stability by increasing government spending and reducing tax burdens imposed on consumers and businesses. Among the measures included in the package are tax relief for low-income families, estate, and gift taxes, and a new Earned Income Credit (EIC).Get a Free Consultation on Tax Relief
FICPA, or Florida Fair Commission, is the administrative arm of the state Department of Financial Services and is responsible for ensuring compliance with state and federal tax laws, including the Florida Statute of Limitations (SOL). FICPA advocates and provides tax relief to all residents of Florida who are subject to state income or property tax. To be eligible for tax relief, a resident must meet a number of requirements, including: being disabled, unemployed, not receiving retirement pay, and owning or possessing real estate owned or used as collateral.
Florida corporate income tax has traditionally been high, and in some areas it is actually one of the highest in the U.S. In order to encourage business activity, Florida’s state revenue department imposes a number of tax rates and tax relief provisions, including property tax, corporate income tax, personal property tax, vehicle registration tax, and the “breakout fee” for corporations doing business in certain areas. Florida has traditionally had high property tax rates, which have often been called “unjust,” “regressive” and “idiotary.” However, in response to the recent economic downturn, many local governments, including cities such as West Palm Beach, Fort Lauderdale, Sarasota, and Pensacola have raised property tax rates in an effort to stimulate the economy.