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Florida Real Estate News – Fla. businesses to see reduced biz rent tax in 2018

Florida Real Estate News –
Gov. signs HB 7109 that reduces Fla.’s business rent tax. 2017 Pres. Maria Wells says it “puts $61M back in the hands of businesses to grow and hire more people.”

Fla. businesses to see reduced biz rent tax in 2018

BOCA RATON, Fla. – Gov. Rick Scott today signed HB 7109, which includes a reduction to Florida’s business rent tax as well as other tax cut provisions.

2017 Florida Realtors®President Maria Wells, broker-owner with Lifestyle Realty Group in Stuart, spoke in support of the legislation at the signing, which took place during a morning press conference at 3Cinteractive Corp., a mobile marketing service provider in Boca Raton.

“Florida Realtors applauds Governor Scott and members of the Legislature for making these tax cuts possible for Florida families,” Wells said. “From a Realtor perspective, I am particularly excited about the first-ever cut to the business rent tax that is included in this bill. The business community has been working to advance this tax cut for several years.

“The most significant steps are often the first ones we take on an issue, and this cut opens the door for future reductions of this burdensome tax. More importantly, it puts $61 million back in the hands of businesses to grow and hire more people, and when businesses grow, communities prosper.”

Currently, Florida charges a 6 percent sales tax on business rent, creating a financial burden for any business that leases space. It is the only state that charges this tax on business rent.

Once HB 7109 takes effect on Jan. 1, 2018, the new state tax rate on commercial leases will be 5.8 percent. Lowering the business rent tax will provide Florida businesses with more capital to expand, hire more employees, improve benefits and raise salaries.

Florida Realtors and other members of the Business Rent Tax Coalition have long advocated for a reduction in the state’s business rent tax.

© 2017 Florida Realtors®

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