Key Points in Florida’s New Omnibus Tax Bill
Photo credit: Alexander Grey via Unsplash
You might’ve seen the recent news, our own Governor DeSantis signed a new omnibus tax bill (House Bill 7073) on May 7, 2024 that will have a great impact on Floridians across the state, providing significant tax relief. The bill presents $1.07 billion in tax relief for Florida families, bringing the total savings to $1.5 billion for fiscal year 24- 25. House Bill 7073 also notably adopts the current Internal Revenue Code (IRC), finally in alignment with federal tax regulations. As Jacksonville’s leading certified public accounting firm, Brock CPA is excited to see how these changes can positively impact our clients in the near future. In this blog, we’re going to discuss some of the most noteworthy changes in the omnibus tax bill, and how it affects you.
Automatic Due Date Extension
The new omnibus tax bill enacts automatic due date extensions for corporate income tax and sales tax in the event of federally declared states of emergencies or disasters. These due date extensions will provide significant relief for businesses during times of turbulent weather climate, something as Floridians we are all too familiar with. It’s a convenient measure considering the fiscal impacts the COVID-19 pandemic had on businesses across the country just 4 years ago. The measure applies to taxpayers during any taxable year that a disaster or emergency takes place, and is automatically extended to 15 days for corporate income tax, and 10 days for sales tax.
Unique Abilities Tax Credit
Florida businesses employing individuals with a disability, as defined by statute, could be eligible for a tax credit of up to $1,000 per employee. The credit equals one dollar for each hour the employee works during the taxable year and is capped at 1,000 hours. The tax credit is applicable to individuals who have been employed for at least 6 months, and applies to taxable years beginning on January 1, 2024. The max amount of tax credits to be granted is $5 million over the next three years. The program encourages Florida companies to make diverse hires, which allows our communities to remain tolerant and welcoming of all unique individuals.
Sales Tax Provisions
Within House Bill 7073, there are several sales tax holidays that should have Florida taxpayers rejoice. Parents and care providers can enjoy tax-free purchases for back-to-school items from July 29 – August 11, 2024, while recreational items and certain admissions are tax-free during “Freedom Month” which takes place July 1 – 31, 2024. Perhaps the one that applies to every Floridian across the states in some way or another, the “Disaster Preparedness Sales Tax Holiday” was from June 1 – 14, 2024 and takes place again from August 24 – September 6, 2024, providing – you guessed it – tax-free purchases of disaster preparedness items. From September 1 – 7, 2024, skilled workers can enjoy purchasing their required tools at a tax-free rate as well.
These are just a few of our favorite key points within the new omnibus tax bill, there are a plethora of excellent reforms outlined in the complete bill that we are excited to see in effect for our community and the families and businesses we work with. Brock CPA has been proudly serving Jacksonville, Florida since opening our doors in 2016. With a focus on small businesses, we’re dedicated to providing professional and reliable advice and services. See how we can help your family or small business and contact us to get started today.
