Business Rent Tax
HB 7099 includes a reduction of the business rent tax from 6% to 5% in the upcoming fiscal year and from 5% to 4% the next year. Sponsored by Rep. Matt Gaetz (R – Shalimar), it is included in the $1 Billion Tax Cut package in the House. The Senate has not yet developed its tax package.
Tourist Development Tax
Three separate bills address the expanded use of TDT dollars. SB 1520, sponsored by Sen. Don Gaetz (R – Destin) and HB 1203 sponsored by Rep. Brad Drake (R – Marianna) will allow Walton, Okaloosa, and Bay Counties the ability to use up to 10% of TDT revenue to reimburse medical services and law enforcement. Both bills still have remaining committee assignments with no committee meetings remaining on the calendar. HB 7099, sponsored by Rep. Matt Gaetz, (R – Shalimar) will require no less than 35% of tourist development tax funds to be used for promotions and allows coastal counties up to 10% of the revenues be used to provide emergency medical, or law enforcement services. The Senate has not yet developed its tax package addressing this issue.