tax cuts

A Senate committee Tuesday moved forward with a package that would provide $973 million in tax breaks next fiscal year, with proposals ranging from holding tax “holidays” to boosting the thoroughbred horse-racing industry.The Finance and Tax Committee unanimously backed the package (SPB 7062), which is ready to go to the full Senate. The House has proposed a $1.38 billion package, and legislative leaders will negotiate a final tax plan as part of upcoming budget talks.

A plan proposed by Governor Ron DeSantis and backed by Senate President Kathleen Passidomo and House Speaker Paul Renner would be the largest tax relief proposal in Florida history and is being touted as saving Florida families up to $2 billion during the 2023–2024 fiscal year.

The proposal would require approval from lawmakers during the 2023 legislative session. It includes sales-tax exemptions for a year on books for readers under age 17, toys for children between ages 2 and 12 and athletic equipment for kids under 18.

Governor Rick Scott announced a new tax cut proposal in Fort Myers on Monday.Speaking at Alufab, a local window installation company, Scott said he’s…