Among other tax incentives, Florida’s new legislative framework is likely to provide homeowners with a $2.8 billion tax break. The bill also doubles the existing ad valorem tax credit for affordable housing properties and raises the cap on the contaminated-site cleanup to $27.5 million – a one-time increase expected to increase company tax credits. The resulting revenue should help alleviate the state’s financial crisis and spur economic growth.
There are also various tax-relief opportunities for homeowners. For instance, the state recently passed an amendment that extended sales tax holiday to 50% of affordable housing property taxes. Another example is the extension of the state’s contaminated site remediation program, which will grant $27.5 million to the Florida Environmental Protection Agency. These changes will increase the incomes of low-income residents and will make it easier for lower-income families to invest in their homes.
Another Florida tax relief measure is the Freedom Week sales tax holiday. This measure, which includes a third week-long tax holiday, will benefit both residents and businesses in Florida. This measure will reduce expenses and help lower-income individuals invest more in their homes. In addition to the tax break, homeowners should use the tax breaks offered by the government to boost their finances. If they cannot afford to take advantage of a Florida tax relief opportunity, they should consider hiring an attorney who specializes in this type of case.