Budget Watch - House and Senate Tax Cut Packages
The House has announced its tax cut proposal for the 2015 session. It contains 26 different tax reductions and totals $689.2 million tax savings. The centerpiece of the proposal is a $470.5 million reduction in the communications services tax, a long-time Florida TaxWatch recommendation. Other provisions supported by Florida TaxWatch research include a reduction in the sales tax on commercial leases and an increase in the research and development tax credit. The package also includes three different sales tax holidays.
The rest is a patchwork of many different tax cuts, some of them very small and many that had not been part of any legislation so far this session. The House Finance and Tax Committee approved it as a proposed committee on March 31, and it has been filed as HB 7141.