Reports from Florida Office of Insurance Regulation or credible financial news sources

Gov. DeSantis Signs House Bill 7073: $1.5B Tax Relief with Childcare Credits in Florida

May 7, 2024, 02:19 PM

Governor Ron DeSantis of Florida has signed House Bill 7073, a comprehensive tax relief package totaling approximately $1.5 billion. This legislative measure includes multiple sales tax holidays aimed at aiding disaster preparedness and back-to-school needs, along with significant cuts in property insurance premiums. Additionally, the package introduces a tax credit designed to encourage companies to provide childcare for their employees. This move aligns with DeSantis's commitment to making Florida a family-friendly state, and adds to a cumulative tax relief amounting to $6.7 billion since he took office. The legislation also includes a $450 million toll relief signed last month, summing up the total savings for Florida families to $1.5 billion for Fiscal Year 2024-25.