Florida’s Governor Ron DeSantis recently announced a record $2 billion tax relief proposal aimed at providing much-needed relief to the residents of Florida.
Governor Ron DeSantis made the announcement during his State of the State address on January 14th, 2021.
The proposal includes a $1 billion cut in the corporate income tax, the elimination of the sales tax on commercial leases, and a one-year suspension of the state’s business rent tax. Additionally, the proposal includes a $300 million property tax cut for low- and middle-income homeowners, as well as a $500 million increase in the state’s homestead exemption.
The Governor believes these cuts will help businesses and individuals alike by providing relief from the economic hardships they have faced in the wake of the COVID-19 pandemic. The proposal also seeks to stimulate economic growth by providing incentives to businesses to expand and hire more workers, as well as encouraging people to invest in their communities.
DeSantis believes that the tax cuts will help create a more competitive business environment, which will in turn create jobs. He also believes that the cuts will benefit all Floridians, allowing them to keep more of their money and spend it where they see fit.
The proposal is being met with both praise and criticism from different groups. Some groups argue that the tax cuts will benefit wealthy corporations more than individuals and small businesses. Others argue that the cuts are not enough and that more needs to be done to help those most affected by the pandemic.
The proposal is now being considered by the Florida legislature, and it remains to be seen whether it will be approved. If it is, it would be the largest tax cut in Florida’s history and a major step toward economic recovery.