Governor Scott Proposes a 10-Day Back To School Sales Tax Holiday
Raising kids in South Florida can be expensive. Some of the biggest expenses involve your child’s education. But there may be some good news for parents in Fort Lauderdale coming soon. Florida Governor Rick Scott is proposing a $618 million tax cut program that includes four sales tax holidays. Among the biggest is a 10-day sales tax break for back-to-school shoppers.
Over the past six years, Governor Scott has promised significant tax cuts. So far he has delivered on $65 million. The proposed 4 sales tax holidays are expected to save Florida families an estimated $98 million. These sales tax holidays involve the following:
- A 9-day disaster preparedness sale tax holiday expected to provide estimated savings of $7 million. The damage caused by Hurricane Matthew to Florida’s northeast coast was a sobering reminder of the importance of storm preparation.
- A one-day fishing and camping sales tax holiday is projected to provide nearly $500 million in savings. That is welcome news to millions of outdoor enthusiasts from Fort Lauderdale and throughout the state.
- The 10-day back-to-school sale tax holiday would help parents save an estimated $72 million on school supplies and clothing.
- For those who served in the military, Governor Scott has proposed a 3-day veterans tax holiday expect to save $18.4 million.
In addition to the 10-day back-to-school sales tax holiday, the governor also wants tax breaks given to college students for the purchase of textbooks. The tax exemption is projected to save students in the Sunshine State an estimated $48 million.
What You Should Know About Florida Tax Law?
Florida tax law can sometimes get complicated. Even the most experienced Fort Lauderdale tax attorney must constantly stay on top of the latest changes to various laws and statutes. However, it is also important for the average person to be aware what is going on in Tallahassee and Washington D.C. Many of the proposed bills and new laws will play a significant role in your everyday life. It has yet to be seen whether the State Legislature will approve Governor Scott’s $618 million tax cut package.
Concerns From Tax Cut Opponents
Nobody enjoys paying more taxes. In a perfect world, everyone should have to pay the minimum for all of life’s necessities. But not everybody is in agreement with the governor’s tax cuts. Republican state senator Tom Lee expressed concerns about whether the state generates enough revenue to justify significant tax cuts. According to Lee, the state would have to drastically change its spending patterns. As of now, this year’s state budget stands at $82, which was signed by Governor Scott in March of 2016. Tallahassee lawmakers are expected to approve a new budget later this spring.
A Fort Lauderdale Tax Lawyer Can Help
Not everybody is an expert when it comes to tax law. Whether you are struggling with back tax, an audit or need answers to some of the most complex tax question, the legal professionals at Zuckerman Law, LLC can help. Attorneys Ira L. Zuckerman bring more than 30 years of combined experience helping clients resolve their issues with the IRS. To learn more, contact their office today and schedule a consultation.