9 Actions Florida Should Take to Help Taxpayers Impacted by Hurricane Ian

1.     Postpone tax notices and waive penalties or interest for late tax filings in affected areas

2.     Extend the date for residents to take advantage of the tax discounts they would normally receive for paying property taxes and special assessments in November and postpone or defer the deadline for property tax installment payments

3.     Protect individual and business taxpayers from the risks for notices that they will likely not receive because their home or business addresses is not accessible anymore

4.     Issue no new audits in severely impacted areas, extend the statute of limitations and postpone existing audits that haven’t reached the assessment stage because these can’t be responded to while entire communities are still recovering

5.     Create procedures for fairly estimating taxes which can’t be calculated because records have been destroyed by the storm, moving away from the current method which significantly overestimates activity if no records are available

6.     Initiate procedures to offer payment plan assistance for late taxes, rather than resorting to the standard collection methods, like liens, levies, or bank freezes

7.     Retroactively apply the recently passed law that provides property tax refunds for residential property rendered uninhabitable as a result of a catastrophic event

8.     Provide tangible personal property relief and allow n on-residential properties rendered uninhabitable to receive property tax refunds

9.     Get Congress to pass a Disaster Tax Relief Act that includes provisions from past packages, including elements such as an Employee Retention Credit, an enhanced casualty loss deduction, and other relief provisions

Other Resources

Florida TaxWatch Statement on Hurricane Ian Recovery

Community Involvement

Florida's Fiscal Strength Ranked 5th Best Nationally

/ Categories: Research, Taxes
A recent study by George Mason University’s Mercatus Center reviewed the fiscal health of the United States, breaking down each state individually for comparison across several standardized metrics. This Economic Commentary takes a look into some of these measurements, as well as examining other areas that affect Florida’s fiscal standing.

Thanksgiving and the Start of Holiday Shopping

/ Categories: Research, Taxes
Thanksgiving for most people invokes images of family gatherings, turkey, and football. But for retailers, it invokes images of large crowds and dollar signs. Thanksgiving, Black Friday, and Cyber Monday are cash cows for businesses, particularly the retail and food industries. Those days are also important for Florida, as the state will collect a six percent sales and use tax on most of the retail goods purchased by shoppers and some grocery items, but will fail to collect lawfully owed taxes on many items purchased online during Cyber Monday.

Extending the Manufacturing Machinery & Equipment Sales Tax Exemption

/ Categories: Research, Taxes, Economic Development
Given the diverse economic benefits provided by manufacturing, it is in the state’s best interest to continue to foster growth in this sector, and Florida lags behind compared to other Southern states. But while most Southern states provide broad tax exemptions for manufacturing equipment, Florida’s most important exemption to encourage capital investment in manufacturing will sunset in April 2017. The analysis in this report demonstrates that extending the exemption could provide a significant economic benefit to the state, and its manufacturing industry.

Reducing the Business Rent Tax

/ Categories: Research, Taxes, Cost Savings, Economic Development
A reduction in the BRT would be broad-based, benefiting a large number of businesses. All businesses that rent commercial real estate pay the sales tax on those rents, regardless of their profitability or financial shape. Reducing the sales tax would help be a significant help to struggling companies. It would also help new businesses, who may find that other startup costs rule out purchasing real estate as an option.
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