Gov. Ron DeSantis is calling for the repeal of Florida’s Business Rent Tax, a move that could save the state’s businesses $1.6 billion.
The governor on Monday announced his proposals for the 2025-26 budget of $115.6 billion. He is calling it the “Focus on Fiscal Responsibility” Budget.
The National Federation of Independent Business was quick to praise DeSantis’ call for the elimination of the Business Rent Tax.
“Florida’s small businesses applaud Gov. DeSantis’ proposed budget and its focus on fiscal responsibility. Repealing the state’s Business Rent Tax will provide small businesses with much-appreciated tax relief and allow small employers to further invest in their businesses and employees. Small businesses thank Gov. DeSantis for his continued leadership and commitment to Florida’s small business community,” said Bill Herrle, NFIB’s executive director for Florida.
Other highlights of the governor’s budget include:
- $100 million for the creation of a new venture capital tax credit program that incentivizes investment in ventures in research, innovation, science, and engineering.
- The permanent extension of the sales tax exemption for Data Center Property, to incentivize artificial intelligence infrastructure growth that will create jobs and strategically place Florida at the forefront of research and technology.
- A 14-day Back-to-School sales tax holiday, saving Florida families $87 million on school supplies, clothing and computers.
- Two 14-day Disaster Preparedness sales tax holidays, saving Florida families $72 million on hurricane supplies.
- A one-month Freedom Summer sales tax holiday, saving Florida families $82 million on outdoor recreation items during the summer.
- A seven-day Tool Time sales tax holiday, saving skilled workers $18 million on tools they need for work.
- Second Amendment sales tax holiday, between Memorial Day and the Fourth of July, saving Floridians $8 million on ammunition, firearms, and related accessories.
- A two-month boating fuel tax holiday, saving Floridians $27 million by reducing the motor fuel taxes levied on 90 octane, unleaded, ethanol free gasoline blend, commonly known as REC-90, by 29.5 cents.
- A one-year exemption of the intangible tax on mortgages, saving Floridians $170 million, for the first $500,000 of residential mortgages for the purchase of a primary, owner-occupied, residence.
- A 2-year delay of the imposition of natural gas fuel taxes that would otherwise go into effect Jan. 1, 2026, saving over $2 million.
