MAJOR REALTOR® PRIORITY SIGNED INTO LAW

Senate Bill 50, which contains the largest reduction to the Business Rent Tax (BRT) was signed by the governor last night. Senate Bill 50 relates to taxation. By way of background, sales tax is already required to be collected and remitted on online purchases.

Senate Bill 50 makes sure that online retailers collect and remit the required sales tax on purchases made by Floridians. This will result in an estimated $1 billion a year in revenue for the state. This revenue will initially be used to replenish Florida's Unemployment Compensation Trust Fund, which was depleted due to record unemployment caused by the pandemic. Once it's replenished, the additional revenue will be used to reduce the BRT from 5.5% to 2%.

This is a significant victory for one of our longstanding legislative priority issues. Thank you for your advocacy efforts to help reduce the Business Rent Tax.

SOURCE: FLORIDA REALTORS®