Tallahassee, Florida --When you hear the word holiday, a new thought may come in mind: more bang for your buck.
State lawmakers are considering approving more than $140 million in tax breaks this legislative session. Four of those breaks will come in the form of "tax holidays," where certain items will be free from sales tax.
These "tax holidays" are:
- A Back-to-school holiday lasting three days starting August 1st
- A 12-day sales tax holiday on hurricane preparedness supplies starting in June
- A physical fitness admissions holiday giving a tax break on gym memberships beginning September 1st
- Lastly, a three-day sales tax holiday on energy-efficient appliances beginning September 19
"The senate can pass it just the way it is. They can get it to their floor, pass it and it would go to the governor or they can make changes. They can make amendments to it, they can change the bill, they can completely do a strike all and change it completely," said Rep. Ritch Workman, a republican from Melbourne.
Thursday, the tax package will go up for a vote in the senate appropriations committee.
The bill has several other tax breaks. That information is listed word for word below:
"HB 5601 makes the following changes:
- Creates four temporary "tax holiday" periods where sales of certain goods will be exempt from the sales tax – a "back to school" holiday, a hurricane supplies holiday, a physical fitness admissions holiday and an energy efficient products holiday.
- Creates a temporary sales tax exemption for cement mixing drums.
- Creates a permanent sales tax exemption for child restraint systems and booster seats for use in motor vehicles.
- Creates a permanent sales tax exemption for bicycle helmets marketed for use by youth.
- Increases the corporate income tax exemption from the first $50,000 of income to the first $75,000 of income.
- Expands the amount of credits available under the New Markets Tax Credit program from $178.8 million to $227.55 million.
- Delays the repeal of the Community Contributions Tax Credit program.
- Creates a $20 million revolving loan program to encourage the production of television programs in Florida.
- Amends the statutory definition of "prepaid calling arrangement" to provide that certain prepaid mobile communications services are subject to state and local sales taxes instead of state and local communications services taxes.
- Reduces the sales tax rate for electricity purchases.
- Increases the Gross Receipts Tax on sales of electricity to end users whose purchases are subject to the sales tax on electricity.
- Transfers $100 million in recurring state sales tax revenue, currently deposited in the General Revenue Fund, to the State Transportation Trust Fund."
Click here to see the bill's full text: