Floridians are now set to get another billion-dollar tax break in the coming fiscal year, including on their insurance.
Gov. Ron DeSantis (R-FL) signed the plan into law, Tuesday morning. It marked a total of about $6.7 billion that he and Florida lawmakers have approved during DeSantis' tenure as Florida’s chief executive.
The most recent package's top—line provisions include a year-long waiver of insurance premium taxes on homeowners’ and flood insurance policies. But there is a lot more.
Sales tax holidays are set for disaster preparation, back-to-school supplies, power tools, and summer recreation. Florida companies are getting breaks, too, in the form of tax credits for hiring those with disabilities and offering childcare services. The state is also doubling its credits for businesses making donations to child welfare programs.
DeSantis said it would all help offset high inflation, taking a swing at the White House and Congress while he was at it.
“We don't, Lord knows, behave like Congress behaves, and we don't control the printing presses up there,” DeSantis said during a press event in Cape Canaveral. "So we have to just deal—play the hand we're dealt, given what's happened in Washington. So we've taken a lot of steps over these past three years, in particular, to provide relief for Floridians.”
The tax break bill got unanimous approval from the legislature during their session earlier this year. Democrats, however, said it wasn’t enough to fight the state’s affordability issues.
That break on insurance taxes, in particular, amounts to just 1.75%.
“What might amount to less than a cable bill for a homeowner is going to be hundreds of millions for the property insurance industry,” said House Minority Leader Rep. Fentrice Driskell, following the close of the legislative session. “To me, it’s a lot of missed priorities and missed prioritization.”
While provisions technically take effect in July, many of those sales tax holidays come online at different times of the year.
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