We have heard a lot about inflation lately. However, most importantly we have experienced this inflationary period first-hand. As the inflation rate has risen so has the cost of goods and services. This rise in goods and services takes away our purchasing power and erodes our capability to afford food, medication, gas, transportation, housing, and our general needs. With inflation at the forethought of our state legislators, several sales tax free days and items have become law. This will help the Florida consumers spread their expendable income just a little farther.
Florida’s 2023-2024 budget provides $2.7 billion in tax relief. Some of the tax cuts are permanent and are temporary with limited times and items. Florida is ranked third for per capital state tax collection of $2,264 per person. Below are several of the tax cuts which benefit our Jackson County citizens.
“Permanent sales tax exemption for baby and toddler necessities for $158.7 million –This covers certain baby and toddler necessities such as clothing, shoes, and diapers for children under 5, all baby wipes and cribs and strollers.
Permanent sales tax exemption for diapers and incontinence products for $27.5 million –The budget exempts adult diapers and incontinence undergarments, pads, and liners.
A permanent sales tax exemption for oral hygiene products for approximately $39.8 million –The exemption covers toothpaste, mouthwash, dental floss, electric and manual toothbrushes and dental picks and irrigators.
A 3-month Freedom Summer sales tax holiday to save Florida families more than $229.9 million –The holiday covers certain outdoor recreation purchases, such as sunglasses selling for $100 or less, tents selling for $200 or less, and kayaks or canoes selling for $500 or less, as well as tickets for events, museums, the arts, and more. Newly added this year are children’s toys selling at $75 or less and children’s athletic equipment selling at $100 or less.
Two 14-day Disaster Preparedness sales tax holiday to save Florida families $143.8 million – The holiday covers items needed during disasters including generators priced at $3,000 or less. Newly added this year are an exemption for over-the-counter pet medications selling at $100 or less and common household consumable items selling at $30 or less.
Two Back-to-School sales tax holidays, one in the fall and one in the spring as students return to school from winter break, to save Florida families over $160.6 million – The holidays cover clothing up to $100, school supplies up to $50, learning aides and jigsaw puzzles up to $30, and personal computers and accessories up to $1,500.
A 7-day Skilled Worker Tool sales tax holiday to save Florida workers $15.4 million – The holiday covers various hand tools and power tools and accessories used by Florida workers.
A permanent sales tax exemption for firearm safety and storage devices for approximately $4.5 million – The exemption covers firearm safes, firearm lockboxes, firearm cases, devices to store a firearm, trigger locks and cable locks.
Reduction in business rent tax for approximately $256 million – The budget reduces the tax rate from 5.5 percent to 4.5 percent effective December 1, 2023.
A permanent sales tax exemption for agricultural fencing for approximately $0.7 million – The exemption covers fencing used to contain, confine, or process cattle.
The budget includes over $850 million in various ad valorem tax cuts, corporate income tax credits and sales tax exemption for building materials to increase affordable housing in the state of Florida.”
Even though we are held at the mercy of “Big Brother’s” reckless decisions and spending we were provided some relief with the reduction and limitation of Florida sales taxes. This will add a little extra to your bottom line at the end of the month. These inflationary times and reckless decisions should be remembered when you cast your votes in the coming 2024 elections. I will leave you with that thought as we conclude this week’s The Straight Truth with Mary Ann Hutton.