Governor DeSantis Signs $1.5 Billion Tax Relief Package for Florida

Governor Ron DeSantis signed House Bill 7073, providing $1.07 billion in tax relief for Floridians, alongside the $450 million in toll relief signed last month, totaling $1.5 billion in savings for Fiscal Year 2024—25. The tax relief package includes a one-year exemption on residential property and flood insurance taxes, in addition to $200 million for the My Safe Florida Home Program. It also continues annual sales tax holidays including two periods for disaster preparedness in June and August, one for back-to-school time at the end of July, one tool time holiday in September, and the previously mentioned Freedom Month Sales Tax Holiday all of July. Other benefits include sales tax credits for businesses employing persons with disabilities, an increased cap for the Strong Families Tax Credit Program, and tax relief for corporate income taxes and documentary stamp taxes.

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