Sales Tax on Commercial Leases / Business Rent Tax Slashed Effective June 1st
TIDBITS
Sales Tax on Commercial Leases / Business Rent Tax Slashed Effective June 1st
Recently the Florida Cabinet approved new rules to administer a cut on the sales tax on commercial leases , or business rent tax , from 4.5 % to 2 %. The cut was long ordained and NUCA of Florida worked with stakeholders to reduce the tax during the past several years . Lawmakers first passed a measure to cut the tax from 5.5 % to 2 % in 2021 , with the cut triggered when the unemployment insurance trust fund was replenished to its pre-pandemic level of $ 4.1 billion . The fund was depleted by the COVID pandemic when businesses were forced to close . The tax rose to 4.5 % in the interim . The Department of Commerce announced that the fund had reached the trigger amount on March 21 , forcing the cut as of June 1 .
JUNE 2024 • DITCHMEN 7