Session Spotlight - Provisions in the House Tax Package & Corresponding Senate Legislation

It appears the 2020 Legislature will cut taxes again. As has been recent practice, the House Ways & Means Committee developed a package of tax cuts and other tax-related provisions, while the Senate has moved individual tax bills through committee. We likely will not see the Senate’s full tax proposal until the House bill (HB 7097) reaches the Senate floor and it offers an amendment. 

 The House package includes $61.6 million in one-time cuts and $128.0 million in recurring cuts. This includes local taxes of $24.8 million (one-time cuts) and $42.5 million (recurring cuts). By delaying the effective date of largest recurring tax cuts until January 1, 2021, the House was able to limit the loss of General Revenue (GR) in the upcoming budget year to $87.3 million. The two biggest House cuts are two Florida TaxWatch top priorities: reductions in the business rent tax and the communications services tax. 

Most of the other House tax cuts are relatively small and narrow in application. Most of these do not have corresponding Senate bills. HB 7097 also includes a number of other tax changes, some of which are administrative 

The House could vote on its tax package this week. The Senate has not yet passed any major tax bills, but two sales tax holiday bills are on the Calendar.