BOCA RATON, Fla., May 25, 2017 /PRNewswire-USNewswire/ -- Maria Wells, 2017 president of Florida Realtors® and broker-owner with Lifestyle Realty Group in Stuart, issued the following statement regarding Governor Rick Scott's signing of HB 7109 today.
"Florida Realtors® applauds Governor Scott and members of the Legislature for making these tax cuts possible for Florida families. From a Realtor® perspective, I am particularly excited about the first-ever cut to the business rent tax that is included in this bill. The business community has been working to advance this tax cut for several years.
"The most significant steps are often the first ones we take on an issue and this cut opens the door for future reductions of this burdensome tax. More importantly, it puts $61 million back in the hands of businesses to grow and hire more people, and when businesses grow, communities prosper."
Currently, Florida charges a six percent sales tax on business rent, creating a financial burden for any business that leases space. It is the only state that charges this tax on business rent. Once HB 7109 takes effect on Jan. 1, 2018, the new state tax rate on commercial leases will be 5.8 percent. Lowering the business rent tax will provide Florida businesses with more capital to expand, hire more employees, improve benefits and raise salaries.
Florida Realtors and other members of the Business Rent Tax Coalition have long advocated for a reduction in the state's business rent tax. Gov. Scott signed HB 7109, which includes other tax cut provisions, during a morning press conference at 3Cinteractive Corp., a mobile marketing service provider in Boca Raton.
Florida Realtors ® serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its more than 165,000 members in 55 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org.
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SOURCE Florida Realtors