With lawmakers facing projected budget gaps, talks of tax cuts may cool. But it would be a mistake to ignore the positive economic impact of eliminating the state’s Business Rent Tax.
Florida is the only state in the nation that imposes a tax on rental property, creating a government-mandated increase in occupancy costs of up to 7.5%. This dissuades businesses considering moving to Florida and makes it harder for small businesses to launch their journey.
Gov. Rick Scott included the Florida TaxWatch recommendations in his budget proposal last year. Lawmakers should focus on this important tax cut again.