Florida Approves $115B Budget with Major Business Tax Breaks

Florida lawmakers finalized a $115.1 billion state budget that includes a tax package expected to reduce state revenues by $1.3 billion annually, with most benefits directed toward businesses. The plan notably eliminates the state’s business rent tax, offering significant relief to commercial tenants, and includes targeted tax breaks for industries like casinos, airlines, and motorsports. While broad sales tax cuts were debated, the final package offers modest relief to families through temporary exemptions on hurricane supplies, school items, and essentials like sunscreen. Lawmakers also advanced a proposed constitutional amendment to set aside up to $750 million per year in emergency reserves, a fiscally conservative move aimed at stabilizing future budgets while scaling back overall state spending.

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