CAPE CANAVERAL, FL—A massive tax relief package is incoming in the Sunshine State, thanks to Governor Ron DeSantis signing a new bill providing over half a million dollars to Floridians in tax holidays, insurance premiums, and tax credits for certain businesses.
DeSantis signed HB 7073 at a Cape Canaveral press conference Tuesday morning, stating that with this new bill, Florida has allocated "close to $7 billion in tax relief for taxpayers since I've been governor."
The sweeping package, which allocates around half a million from the General Revenue Fund, expounds on a budget item providing a year-long, $450 million toll relief program. It also reinvigorates a series of sales tax holidays enacted last year, including a 14-day Back to School holiday, two 14-day Disaster Preparedness holidays, and a month-long Freedom Holiday from July through August.
These financial breaks remove sales taxes for various items such as school supplies, hurricane preparation items, and recreational gear, respectively.
Additionally, the governor announced, "We are waiving all taxes on insurance premiums for a full year for homeowners' policies and flood insurance policies," a greatly needed step considering Florida's standing as the state with the highest homeowners insurance in the country.
In 2023, Florida homeowners paid the most for homeowners insurance with an average annual rate of $10,996 with six of the 10 most expensive cities in the country for homeowners insurance located in Florida.
The U.S. average? $2,337, NewsPress reports.
DeSantis turned to the other portions of the bill, highlighting new tax credits—or money that can be subtracted from the income taxes owed—for various companies.
The first of these doubles the state's investment in the Strong Families Tax Credit Program from $20 million to $40 million. Started in 2021, the program provides tax credits to organizations that make contributions to child welfare organizations.
DeSantis' wife, Casey DeSantis, heads up Hope Florida, an organization that works with these charities.
New tax credits will also be available to employers who operate or support childcare programs for their employees, and for businesses that hire Floridians with disabilities. The latter of the two involves a three-year, $5 million per year allocation to motivate these hirings.
"Publix...they're providing opportunities for all these great people who have unique abilities and have certain challenges, and these are very productive citizens," DeSantis said, referencing the popular southern grocery chain that won the Disability Employer Award in 2017 for their inclusive efforts.
