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/
“Accidental” Tax Break Could Provide Big Opportunity
What do Mark Zuckerberg of Facebook and Sheldon Adelson of Las Vegas Sands Corp have in common? For one, they are highlighted on the Forbes “America’s Richest People” list. MSN has also reported that both are taking advantage of a tax loophole called the Grantor Retained Annuity Trust (GRAT) which allows wealthy Americans to direct excess earnings to their heirs without incurring the consequences of the 40 percent federal estate and gift tax.