Commercial Lease Tax Cuts to Arrive Early in June 2024

Florida may see an earlier reduction in the state tax on commercial leases, expected in June instead of August 2024. These Commercial Lease Tax Cuts, hastened by the quicker-than-anticipated replenishment of the state's Unemployment Compensation Trust Fund to $4 billion, will lower the lease tax from 4.5% to 2.0%. This reduction, part of a 2021 legislative agreement that also involved out-of-state sales tax collection, follows a previous decrease from 5.5% to 4.5% in July 2023. Florida TaxWatch states this will save taxpayers about $1 billion annually. The lease tax, in place since 1969, has been a target for business lobbying groups seeking rate reductions.

You can read more about all of the updates here: Business Lease Tax Cut Expected in June

If you'd like to discuss Commercial Lease Tax Cuts and how they affect you, please contact Barry at 561-880-5587 or click here to send an email.

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