Gov. Ron DeSantis on Tuesday signed HB 7073 – Taxation, this year’s tax cut and incentive package. This bill provided numerous changes to Florida tax laws for the upcoming fiscal year and is estimated to save $1.5 billion for taxpayers and consumers over the next two years.
Among other provisions, this bill includes the FICPA-priority language for automatic tax extensions when a state of emergency has been declared within five days of a deadline.
As a reminder, this concept originated from the FICPA State Tax Committee and was a priority for the FICPA this legislative session.
The language requires the Department of Revenue (DOR) to grant an automatic 10-day extension from the due date for filing a return and remitting sales tax if a declaration of a state of emergency is issued by the governor within five business days before the 20th day of the month. The extension only applies to taxpayers within the counties affected by the state of emergency.
The bill requires DOR to grant a 15-day automatic extension for Florida corporate income tax returns beyond the due date of a federal corporate income tax return that has been extended by the IRS due to a federally declared disaster.
"The passage of this new automatic tax extension language will provide an important benefit to our members and Florida taxpayers,” FICPA Chief External Affairs Officer Jason Harrell said. “It marks a common sense, proactive step in ensuring that CPAs, their clients and the residents of Florida have one less thing to worry in times of crisis. Now, Floridians can focus on preparing for a storm instead of worrying about requesting an extension."
The FICPA would like to thank the both the governor and the legislature for their support of this initiative.
Among the more notable items in the tax package are the annual sales tax holidays, a $450 million toll rebate program and a credit to insurance companies that reduce premiums for homeowners.
Below is a brief overview of all items listed within the 2024 Tax Package:
- A Back-to-School Sales Tax Holiday (July 29 - Aug. 11): For school supplies, learning aids, personal computers and certain clothing and footwear.
- Disaster Preparedness Sales Tax Holidays (June 1-14; Aug. 24-Sept. 6): For generators, radios, flashlights, coolers, and pet evacuation supplies during a disaster.
- Freedom Month Sales Tax Holiday (July 1-31): For tickets for admission to live music events, sporting events, museums, cultural events, and other recreational events through Dec. 31, 2024. Also, for boating and water, camping, fishing, and general outdoor supplies.
- Skilled Worker “Tool Time” Sales Tax Holiday (Sept. 1-7): For tools used by skilled trade workers, such as carpenters, electricians, plumbers, and welders.
- $450 million in toll rebates for drivers with more than 35 transactions each month.
- Automatic extensions for sales tax and corporate tax during a natural disaster or state of emergency (FICPA priority).
- $5 million credit against the corporate income tax for three years for businesses that employ workers with special needs ($1,000 per employee).
- $5 million tax credit for three years for businesses that incur childcare expenses on behalf of their employees.
- Increases the Strong Families Tax Credit Program from $20 million to $40 million.
- One-year residential property insurance tax exemption for residential property insurance policyholders on policies written between Oct. 1, 2024 – Sept. 30, 2025.
- One-year flood insurance policy premium tax exemption on flood insurance policies written between Oct. 1, 2024 – Sept. 30, 2025.
