SENATOR HUKILL: REDUCING COMMERCIAL LEASE SALES TAX WILL HELP SMALL BUSINESSES
PORT ORANGE – Senator Dorothy L. Hukill (R-Port Orange), has filed Senate Bill 176 that will reduce the sales tax on commercial leases. Florida currently requires that a 6% sales tax be collected from businesses that lease real property, and is the only state that collects such a tax. Senator Hukill’s legislation would reduce the applicable sales tax by 1%. The reduction would provide much needed financial relief to businesses that are struggling in our current economy.
“This tax cut will especially help small business owners, who are disproportionally affected by this additional overhead,” said Senator Hukill.
Florida businesses that lease real estate or those businesses wanting to expand can be discouraged by the additional cost of the sales tax. A business that might be looking at expanding decide to wait - or to a larger facility may even look elsewhere - because of the added 6% cost to their overhead. A company that may be struggling might have to look at cutting employees or downsizing to a smaller facility because of the additional cost to do business.
“We want to encourage business growth and expansion in Florida and the reduction of sales tax on commercial leases is crucial to making that happen,” said Senator Hukill.
For more info, visit www.flsenate.gov← Back