Florida Governor Signs Law Providing Property Tax, Sales Tax Exemption, New Excise Tax

The Florida Governor May 7 signed a law providing property, sales, and use tax exemptions, including new excise tax rates. The law includes measures: 1) revising the value to which ad valorem property tax exemption applies; 2) requiring property appraisers to exempt certain units from ad valorem property taxes; 3) exempting from sales and use tax certain eligible items during the sales tax holiday; 4) providing the excise tax new rates on motor fuel; and 5) providing the tax rates applicable to the sale of natural gas fuel. The law takes effect July 1. [H.B. 7073, enacted 05/07/24]

This story ...