2024 Taxpayer Roundup Unveiled

Florida TaxWatch Releases Legislative Session Taxpayer Roundup, Outlines What Passed, Failed in 2024

Tallahassee, Fla – Today, Florida TaxWatch released Session Summary: 2024 Taxpayer Roundup, a timely briefing outlining tax-related legislation that passed and failed during the 2024 Legislative Session, which concluded on Fri., March 8.

Florida TaxWatch Executive Vice President & General Counsel and Acting President & CEO Jeff Kottkamp said, “Florida TaxWatch closely monitored the 2024 Legislative Session and, in particular, legislation that would impact the pocketbooks of hard-working Floridians. Overall, this was a productive and successful session, and a number of taxpayer-friendly measures advanced with strong support – notably, a nearly $1 billion tax relief package. Still, a few of our recommendations were not enacted by the legislature, such as reducing the Business Rent Tax, and we look forward to revisiting those recommendations next year, while continuing to fulfill our role as the ‘eyes and ears’ of Florida taxpayers.”

In this briefing, Florida TaxWatch highlights tax-related legislation that passed this session and now awaits Gov. Ron DeSantis’ signature, including:

• HB 7073: Taxation – Most of the tax relief measures in this nearly $1 billion package are non-recurring, or one-time, and only $56.3 million are recurring, or permanent. The package includes five sales tax holidays – such as Back-to-School, Disaster Preparedness, and Freedom Month – that are expected to save consumers $287.7 million, as well as a one-year exemption of property insurance taxes and fire assessments worth $550 million (the largest tax relief measure in the package).
• Toll Relief Program (Part of HB 5001: General Appropriations Act) – Valued at $450 million, this twelve-month (April 2024-March 2025) toll relief program will apply to frequent customers using a Florida-issued transponder on the Florida Turnpike and other toll facilities.
• HJR 7017: Annual Adjustment to Homestead Exemption Value – This proposed constitutional amendment would require that all current and future homestead exemptions that apply to all taxes, except school taxes, be increased annually by inflation beginning in Fiscal Year 2025-26. If passed by voters in November 2024, it could save homeowners $22.8 million in the first year, growing to $111.7 million in Fiscal Year 2027-28.

The taxpayer research institute also notes relevant legislation that failed, including:

• Business Rent Tax Reduction (Originally Part of HB 7073: Taxation) – The original tax relief package included a one-year 0.75 percent reduction in the Business Rent Tax, which would have saved all businesses that rent property in Florida a total of $308.7 million. This provision was removed from the final bill. 
• HJR 7075: Tangible Personal Property Tax Exemption – This proposed constitutional amendment would have increased the standard tangible personal property tax exemption from $25,000 to $50,000, removing the burden of payment – and also filing – from 50,000 primarily small businesses. It passed in the House, but was never heard in the Senate.
• Several property tax relief measures, including SB 1322/HB 1195: Millage Rates, SJR 1560: Ad Valorem Taxation Exemptions, and HB 1371: Property Tax System Study, among others.  

For more information and to access the full briefing, please click here.   

About Florida TaxWatch
As an independent, nonpartisan, nonprofit government watchdog and taxpayer research institute, and the trusted “eyes and ears” of Florida taxpayers for more than 45 years, Florida TaxWatch (FTW) works to improve the productivity and accountability of Florida government. Its research recommends productivity enhancements and explains the statewide impact of fiscal and economic policies and practices on taxpayers and businesses. FTW is supported by its membership via voluntary, tax-deductible donations and private grants. Donations provide a solid, lasting foundation that has enabled FTW to bring about a more effective, responsive government that is more accountable to, and productive for, the taxpayers it serves since 1979. For more information, please visit www.floridataxwatch.org.