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Florida businesses to save on rent thanks to new tax cuts

(WVLT)
Published: May. 15, 2019 at 10:27 PM CDT
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Florida businesses will see a decrease in their rent starting July 1.

Under the tax package signed by Governor Ron DeSantis Wednesday, sales tax applied to business rent tax will be reduced from 5.7% to 5.5%.

Carolyn Johnson with the Florida Chamber of Commerce said the cuts will impact most businesses in the state.

“Almost every business leases their space and they are charged a sales tax on that rent and so this reduction will result in significant savings to businesses across the state, job creators across the state, and allow them to reinvest back into their business,” said Johnson.

The reduction is expected to save Florida businesses $65 million over the next year.

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