Tax Relief In Florida

Governor Ron DeSantis and state lawmakers passed a $196 million tax relief package this week. The package includes new sales tax exemptions and credits for state and local government,theaters and cultural events,and gyms. In addition,the tax holiday also applies to the purchase of athletic and camping equipment and admissions to state parks. These benefits have already been claimed by millions of Floridians,but they are expected to continue growing this year.-

The Florida state tax relief program is designed to help affected taxpayers recoup some of the lost revenue from the Hurricane Irma disaster. This tax break will help survivors of the storm who lost everything,or those who are injured or killed in the disaster. Those who have lost their homes to the hurricane can apply for this tax relief by filing Form 5500 series returns after September 14,2020. Certain taxpayers may be affected by like-kind exchanges of property. This law allows them to extend their deadlines for the first time,so that they can make up the difference.

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Tax relief in Florida will help many Floridians who can’t afford the taxes. By expanding the current tax exemption for affordable housing,the bill will give families and businesses an opportunity to pay their fair share of taxes. The bill also creates a permanent sales tax exemption for items that promote independent living,such as wheelchairs,walkers,and bicycles. Whether or not you plan to use this tax break is up to you,but it will definitely help you save money in the long run.

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