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"The Florida legislature passed HB 7031, which, if signed by Gov. DeSantis, would eliminate the state’s sales tax on commercial real property leases. Florida sales tax rates on commercial leases have been reduced over the last several years to a current state level tax rate of 2% (as opposed to the general 6% tax rate for sales tax on other items). When combined with local option tax rates (generally 1% – 1.5%), the current combined state and local tax rate is 3% – 3.5%. HB 7031 would eliminate the tax, i.e., both the state level tax and the local option tax, rather than merely reduce the tax rate further. This GT Alert provides details on the elimination of the sales tax on commercial leases."

Read the original on The National Law Review

Florida Legislature Repeals Sales Tax on Commercial Leases | The National Law Review

Image credit to Karl Callwood on Unsplash