Governor Scott’s New Law To Lower Sales Tax Rate On Commercial Leases

On May 25, 2017, Governor Scott signed HB 7109 into law. The new law will lower the sales tax rate on commercial leases under Florida Statute Section 212.031 from 6% to 5.8%. The new law goes into effect January 1, 2018. It is projected to save Florida commercial tenants $61,000,000 per year. Sales tax brackets and sales tax software programs will need to be updated for the new law change in January. For more info, go to: http://www.flgov.com/gov-scott-announces-100-million-tax-cut-on-business-rents-as-part-of-the-its-your-money-tax-cut-budget-2/

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