Report praises tax relief, continued reduction of tax-supported debt
The article reports on a positive evaluation by Florida TaxWatch, an independent nonpartisan taxpayer research institute, regarding Florida’s FY2025-26 state budget. The $114.8 billion spending plan covers key areas such as education, human services, the environment, transportation, public safety, and general government. Notably, the overall budget is 3.25% lower than the previous year’s, the biggest decrease since 2011-12, mainly due to reductions in federal funds and trust fund spending.
Florida TaxWatch praises the legislature for providing $2.1 billion in tax relief, especially highlighting the elimination of the Business Rent Tax, which was reduced from 6% to 2% over 10 years before being fully eliminated.This change is expected to save businesses that rent property in Florida approximately $1.5 billion annually.
The budget allocates $29.5 billion for education, funding about $9,143 per student through the Formula for Education Finance Program, and $13.7 billion for infrastructure projects, including highways, bridges, transit, and ports. State employees will receive a 2% pay raise, and 39 new judgeships will be added to the judiciary.
Further,Florida TaxWatch applauds efforts to reduce tax-supported state debt,noting that as 2019,Florida has retired $7.3 billion in debt. the new budget dedicates $580 million for continued debt reduction efforts, with an additional Debt Reduction Program funding $250 million annually for accelerated debt payoff. the report commends Florida’s fiscal management for enhancing tax relief and responsibly lowering debt.
Report praises tax relief, continued reduction of tax-supported debt
(The Center Square) – Tax relief and continued reduction of tax-supported debt are leading praises of the Legislature from an independent nonpartisan taxpayer research institute in Florida.
The Taxpayers’ Guide to Florida’s FY2025-26 State Budget, produced by Florida TaxWatch, highlights moves in a $114.8 billion spending plan for education, human services, the environment, transportation and the general government and public safety areas. The total for the coming year is 3.25% less than 2024-25, most since 2011-12, and is mainly tied to federal funds and trust fund spending reduced by more than $2 billion.
Dominic Calabro, president and CEO of the nonprofit, said in a release, “Florida TaxWatch commends the Legislature for providing $2.1 billion in tax relief, especially the elimination of the Business Rent Tax, an anti-competitive tax that is unique to Florida. This has been a longstanding top Florida TaxWatch priority. Our 10-plus years of research on the topic led to the BRT tax rate being reduced from 6% to 2% and ultimately to its final elimination. This final cut will save all businesses that rent Florida property a total of $1.5 billion annually.”
The budget spends, respectively, $29.5 billion for education in the Formula for Education Finance Program and about $9,143 per student; eliminates gaming revenue for the Water Quality Improvement program; and spends $13.7 billion for highways, bridges, resurfacing, transit, ports, aviation and trails.
State employees get a 2% pay raise and 39 new judges will be gained in the Judiciary.
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In the release, Executive Vice President Jeff Kottkamp said, “Florida TaxWatch also commends the governor and the Legislature for their commitment to reducing outstanding state debt. Florida has retired $7.3 billion in tax-supported debt since 2019. The new budget has a provision to use $580 million to continue this effort. In addition, this Legislature created the Debt Reduction Program that will use $250 million annually for accelerated debt reduction.”
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