For fiscal year (FY) 2025-26, Gov. Ron DeSantis vetoed a total of $370 million from the main budget sections and $980 million from back-of-the-bill appropriations for a combined total of $1.35 billion.^[1] After vetoes, the FY 2025-26 General Appropriations Act (GAA) equals $114.77 billion, a 1.5 percent reduction compared to FY 2024-25.^[2]

While the GAA includes lump-sum budget appropriations, policymakers often include additional appropriations in the “back-of-the-bill” sections, which are not included in the GAA total. Policymakers can also make “supplemental appropriations” through bills other than the GAA. For example, the FY 2024-2025 budget totaled $116.51 billion after accounting for vetoes; however, this amount did not include back-of-the-bill sections (worth $51 million) nor bills with supplemental appropriations ($2.07 billion).^[3] Although the use of back-of-the-bill and supplemental appropriations has been common over the last 10 fiscal years, on average, these expenditures represent less than 1 percent of the total appropriations (GAA, back-of-the-bill, supplemental appropriations, and other adjustments combined).^[4]

Analysis of the State’s Operating Budget

The Great Recession and Stagnant Recovery

The state’s operating budget does not discriminate between different funding and spending categories — it combines funding and adjustments across all categories to offer a more holistic overview of government investment when compared to the GAA for a standalone fiscal year. The operating budget in Florida, like in many states, has mostly seen incremental changes over several years, with notable exceptions. Following the Great Recession (beginning with the last quarter of 2007 and ending the third quarter of 2009),^[5] the state budget stagnated until it dropped between FY 2010-11 and FY 2011-12, followed by a smaller decrease the next fiscal year. (See Figure 1.) As the July 2012 Economic Estimating Conference explained, the Great Recession triggered extreme financial and economic stress statewide, leading to sharp declines in state gross domestic product, personal income growth, and employment.^[6]

Thus, the drop in Florida’s operating budget between FY 2010-11 and FY 2011-12 points to a period of sluggish recovery, ongoing financial difficulties, and budget cuts. Since then, from FY 2012-13 to FY 2019-20, the state’s operating budget gradually increased: Figure 1 shows this trend and offers insight across Florida’s six primary service areas.

On the one hand, the operating budget’s incremental changes during the FY 2008-09 to FY 2019-20 period signal stability following the Great Recession. On the other hand, however, the incremental changes highlight stagnant investment in public services. For example, in its analysis of public expenditures, the Urban-Brookings Tax Policy Center finds that Florida invested $7,421 in public services, per capita, in 2009. (See Figure 2a.) In 2020, the state’s per capita investment in public services increased to $8,351, yet trailed behind 44 other states and D.C., which all invested more. (See Figure 2b.)^[7]

COVID-19, Operating Budget Highs, and Federal Funding Cuts Under the ‘One Big Beautiful Bill’

As Figure 1 shows, beyond the FY 2008-09 to FY 2019-20 period of incremental growth, between FY 2020-21 and FY 2024-25, the state’s operating budget skyrocketed, eclipsing previous growth. This period aligns with the onset and aftermath of the COVID-19 pandemic and federal response, which dramatically boosted state revenue.

The federal actions taken in response to the COVID-19 recession made it the shortest on record and invigorated an economic rebound that significantly reduced the unemployment rate. As testament to the impact of federal intervention, the Florida Legislature’s 2021 Long-Range Financial Outlook affirms that “in the first quarter of 2021 … Florida’s personal income growth [a gauge of the state’s economic health] shot up … largely due to … federal stimulus and relief programs.”^[8] The legislative report also clarifies that as sales tax collections exceeded forecasts, “much of [the] gain was attributable to the … rounds of federal stimulus checks to households, redirected spending from the hard-hit service sector, and some consumers’ ability to draw down atypically large savings built up during the pandemic.”^[9]

The operating budget spikes that occurred between FY 2020-21 and FY 2024-25 were affected by federal interventions in response to COVID-19. As the impact of federal assistance dissipates, policymakers should acknowledge that the unique conditions that have boosted Florida’s trust funds, sales tax collections, and, by extension, historic reserves, are unlikely to repeat.

In spite of potential state-level impacts, federal lawmakers passed the One Big Beautiful Bill Act (OBBBA), which extends expiring provisions of the 2017 Tax Cuts and Jobs Act (TCJA) and will raise households’ food and health care costs,^[10] increase poverty and hunger, take health coverage away from millions,^[11] and drive up the federal deficit — all to finance tax cuts that will disproportionately benefit wealthy households.^[12] The OBBBA’s cuts to programs like Medicaid and the Supplemental Nutrition Assistance Program (SNAP), which are jointly administered by the federal government and states, will force Florida policymakers to budget for these cuts.^[13]

Considerations for the Future and Budget Lows

Throughout the 2025 regular legislative session, policymakers in the Florida House and the Florida Senate clashed over one another’s proposed budget and tax policies and those of the governor, with each chamber advancing divergent visions for the state’s future.^[14] At its core, the disagreement between state leaders boiled down to finding a way to limit public spending, which they finally decided to do by making budget cuts and further eroding the state’s revenue base.^[15] In recent memory, and still applicable to the FY 2025-26 budget, policymakers have turned down federal funds for programs like Summer EBT and Medicaid expansion^[16] while refusing to raise revenue, despite a projected $2.8 billion deficit in FY 2026-27 and a $6.9 billion deficit in FY 2027-28.^[17] With the enactment of the OBBBA, state policymakers will have to decide whether to continue refusing revenue options and underfunding vital public services.

At the same time, Americans and Floridians are struggling. In the United States, aggregate household debt increased by $167 billion in the first quarter of 2025, about a 1 percent increase from the previous quarter. Since the end of 2019, just before the pandemic recession, debt balances have increased by $4.06 trillion. According to the Federal Reserve Bank of New York, household debt is mostly mortgage balances ($12.8 trillion), followed by auto loans ($1.64 trillion), student loans ($1.63 trillion), credit cards ($1.18 trillion), and other types of debt ($0.94 trillion). Aggregate delinquency rates increased in the first quarter of 2025 -– as of the end of March, 4.3 percent of outstanding debt was in some stage of delinquency, up from 3.6 percent in the fourth quarter of 2024.^[18]

In Florida, the total per capita debt balance has increased to an all-time high of $61,250, still below the national per capita amount of $62,500; in contrast, at the start of 2020, the per capita debt balance was $48,410 in Florida and $52,200 nationally. While most of the debt is current, about 5.4 percent (or $3,310 per capita) is late or delinquent.^[19] This is all an indicator of ongoing consumer borrowing and difficulty paying off debt. Alongside increasing personal debt, Florida’s Office of Economic and Demographic Research (EDR) also notes that “the most recent personal income data [indicates] that the May personal savings rate continues to be subpar at 4.5 percent — a drop from April’s adjusted rate of 4.9 percent … The savings and credit changes are likely related to the cumulative effects of inflation, which remains stubbornly elevated.”^[20] These conditions are important because Florida’s general revenue tax base (i.e., main source of flexible state dollars) is dependent on consumption. Since Florida households pay nearly 66 percent of sales tax revenue in the state, if Floridians slowed down their consumption, whether it is due to debt or not enough savings, the state budget would be directly affected.^[21]

Furthermore, as the state’s population continues to increase, change, and age, so will public service demands. By 2030, the Florida Demographic Estimating Conference anticipates that nearly 25 percent of Floridians will be aged 65 or older.^[22] This has implications for the relative size of the labor pool, the need for health care services, the modes of service delivery, and overall tax revenue.

Florida Does Not Have a Diversified Revenue Base, Which Exacerbates an Inequitable Tax Structure

Although the state faces significant budget challenges, Florida has already set a trend for collecting and spending less revenue, via taxes, than most other states, including neighboring states in the Southeast, on a per capita basis. (See Figures 2a and 2b). Concerning per capita revenue collections, the Tax Foundation finds that Florida collects about $4,900, which is less than 46 other states — only Mississippi, Tennessee, and Alabama raise less revenue.^[23] There are several reasons why Florida trails the country in per capita tax collections:

• Only local governments (e.g., counties, municipalities, and/or school districts), as opposed to the state, can levy property taxes.  
• Since 1924, the state has been prohibited from levying personal income taxes.^[24] 

• In 1984, policymakers made it easier for multistate and multinational corporations to avoid paying corporate income taxes by repealing unitary combined reporting.
• In 2006, policymakers repealed the annual tax on intangible personal property (i.e., stocks, bonds, notes, etc.) and, in doing so, made it harder to tax wealth.^[25]

Instead, the state relies heavily on its general sales tax to balance its budget. According to the latest U.S. Census Bureau’s Annual Survey of State and Local Government Finances, for FY 2021-22, Florida is the most dependent on general sales taxes, with the tax accounting for roughly 64 percent of all tax collections. Once you factor in excise taxes (i.e., taxes on motor fuel, alcoholic beverages, and tobacco), taxes on consumption, overall, account for nearly 80 percent of Florida’s tax revenue.^[26]

Conclusively, Florida does not tap into the same revenue streams available to other states, and its inability to do so limits the quality of education, health and human services, corrections, natural resource management, growth management, transportation projects, and general government operations.

The state’s dependence on sales taxes also perpetuates a tax system in which wealthy households pay a far lesser share of their income to taxes than families with low and middle incomes. In fact, the Institute on Taxation and Economic Policy (ITEP) ranks Florida’s tax code as the most regressive or, inequitably upside-down, in the country. According to ITEP, the bottom 20 percent of Florida taxpayers, as measured by income, bear an effective state sales tax rate that is approximately 7.7 times that of the top 1 percent.^[27] (See Figure 3.)

How is the FY 2025-26 Budget Funded?

For Fiscal Year (FY) 2025-26, Gov. Ron DeSantis vetoed a total of $370 million from the main budget sections and $980 million from back-of-the-bill appropriations (a combined total of $1.35 billion). Compared to the FY 2024-25 main-section vetoes, the governor vetoed $580 million less; compared to back-of-the-bill vetoes, the governor vetoed $573 million more than in FY 2024-25. The governor's vetoes are available for consideration, by the Legislature, until the end of the 2026 regular session. The Legislature can override or set aside the governor’s vetoes if two-thirds of the members of each chamber vote to do so.

The FY 2025-26 budget, after vetoes, amounts to $114.77 billion and represents a 1.5 percent decrease over the previous year’s budget. Concerning funding sources, the budget incorporates $50.3 billion in General Revenue Fund dollars, $28 billion in state trust funds, and $36 billion in federal funds. (See Table 1.) 

As Table 1 shows, legislators have access to the General Revenue Fund and various state and federal trust funds to pay for the budget. General revenue comprises undesignated revenue from tax collections and accounts for 44 percent of the budget. Additionally, 32 percent of the budget relies on federal dollars, and the other 25 percent is earmarked for specific state trust funds (e.g., lottery revenue goes to education). 

About Increased Revenue Collections and Rainy-Day Funds

After passage of the FY 2025-26 budget, state reserves are between $14.5 billion and $15.7 billion.^[28] Policymakers can use these dollars when recessions or other unexpected events cause revenue to fall or spending to rise. With the enactment of the federal OBBBA, alongside plans to reduce spending from the Federal Emergency Management Agency (FEMA), it is possible that policymakers will have to tap into reserves to meet unmet budgetary needs. While reserves can cover immediate needs, they are not sustainable in the long run. In Florida, policymakers keep the following reserves:

• $7 billion in unallocated general revenue and $1.23 billion in surplus trust fund dollars. Unallocated general revenue consists of $7 billion in surplus dollars, with some needed to meet budget appropriations and adjustments throughout the fiscal year.^[29] Based on statements from the Executive Office of the Governor, State Trust Funds could have a surplus of around $1.23 billion.

• $4.9 billion in the Budget Stabilization Fund. Policymakers can only use these dollars to offset a declared deficit or provide funding for an emergency. Consequently, policymakers have limited access to this fund. During the 2025 legislative session, policymakers passed a joint resolution to increase the BSF’s cap from 10 percent to 25 percent of annual general revenue collections.^[30]

• 900 million for Reinsurance Assistance and repeal of Florida Optional Reinsurance Assistance Programs. In 2022, the Florida Legislature held two special sessions to address property insurance. In May that year, policymakers passed Senate Bill 2-D, which created the Reinsurance to Assist Policyholders (RAP) Program. The program offers insurance at affordable rates to insurers in the event they are unable to cover losses following a mass catastrophe, with the requirement that they offer rate decreases to policyholders. Then, during a special session in December, policymakers passed SB 2-A, which created the Florida Optional Reinsurance Assistance (FORA) Program to offer insurance companies different layers of reinsurance coverage from the state. For FY 2025-26, policymakers passed HB 5013, which was signed into law, to reduce the allowable transfers into the RAP program and eliminate the FORA program.^[31]

• $1.67 billion in the Emergency Preparedness and Response Fund.^[32] Policymakers created this fund in 2022 within the Executive Office of the Governor. Money specifically appropriated to the fund is available as a primary funding source for the governor to prepare or respond to a disaster (declared by the governor as a state of emergency) that exceeds regularly appropriated funding sources. 

Florida’s 'Silent Spending' Through the Tax Code

Finally, state leaders’ conversations about the operating budget, trust fund balances, and per capita general revenue spending do not consider the forgone revenue from tax expenditures. “Silent spending,” FPI’s term for the numerous types of tax expenditures in Florida’s tax code, continues to drain billions of dollars in potential state revenue each year. Total tax expenditures will cost Floridians an estimated $31 billion in FY 2025-26.^[33] While spending through the state budget takes the form of collecting revenue and appropriating these dollars to be expended, spending through the tax code takes the form of revenue the state forfeits. In either case, the result is the same: public resources are designated, and spent, for a specific purpose.

“Silent spending,” FPI’s term for the numerous types of tax expenditures in Florida’s tax code, continues to drain billions of dollars in potential state revenue each year.

What Comes Next in the Budget Process?  

Ahead of the 2026 regular legislative session, the Legislature will have to summarize the fiscal and budgetary information pertinent to FY 2025-26. The Legislature’s “Fiscal Analysis in Brief” will include graphical depictions and detailed listings of appropriations, fund sources, non-recurring issues, vetoed items, financial outlooks, and legislation affecting revenue. Similarly, by September 15, 2026, the Legislative Budget Commission is required to issue a “Long-Range Financial Outlook (Three-Year Plan)” detailing fiscal strategies for the state and its departments to assist the Legislature in making budget decisions for the upcoming session.

Notes

^[1] Executive Office of the Governor, “2025 Veto List,” June 30, 2025, https://flgov.com/eog/news/press/2025/governor-ron-desantis-signs-florida-fiscal-year-2025-2026-budget.

^[2] Florida Policy Institute includes appropriations plus vetoes in the funding amounts cited for fiscal year budgets (for FY 2025-26 and previous fiscal year budgets). Except for Figure 1, FPI does not include adjustments and supplemental funding in calculations of funding levels.

^[3] The Florida Legislature, “Fiscal Analysis in Brief: 2024 Legislative Session: General Appropriations Act, Chapter 2024-231, Laws of Florida, Adjusted for Vetoes and Supplementals,” Office of Economic & Demographic Research (EDR), August 2024, page 7, http://edr.state.fl.us/Content/revenues/reports/fiscal-analysis-in-brief/index.cfm.

^[4] FPI analysis of the Florida Legislature’s Fiscal Analyses in Brief for Fiscal Years 2013-2014 through 2024-2025. See http://edr.state.fl.us/Content/revenues/reports/fiscal-analysis-in-brief/index.cfm for individual reports.

^[5] “Dates of U.S. Recessions as Inferred by GDP-based Recession Indicator,” Federal Reserve Bank of St. Louis, April 30, 2025, https://fred.stlouisfed.org/series/JHDUSRGDPBR.

^[6] Florida Economic Estimating Conference, Florida Economic Archives, “Florida Economic Outlook,” Office of Economic & Demographic Research, July 2012, http://edr.state.fl.us/Content/conferences/fleconomic/archives/120723fleconomic.pdf

^[7] Urban-Brookings Tax Policy Center, “State and Local Direct General Expenditures, Per Capita,” Tax Policy Center, July 10, 2023, https://www.taxpolicycenter.org/statistics/state-and-local-direct-general-expenditures-capita. 

^[8] Senate Committee on Appropriations, House Appropriations Committee, and  Legislative Office of Economic and Demographic Research (EDR), “State of Florida: Long-Range Financial Outlook (Fiscal Years 2022-23 through 2024-25),” September 3, 2021, page 38, http://edr.state.fl.us/Content/long-range-financial-outlook/3-Year-Plan_Fall-2021_2023-2225.pdf.

^[9] Senate Committee on Appropriations, House Appropriations Committee, and Legislative Office of Economic and Demographic Research (EDR), “State of Florida: Long-Range Financial Outlook (Fiscal Years 2022-23 through 2024-25),” September 3, 2021, page 6.

^[10] Center on Budget and Policy Priorities, “By the Numbers: Senate Republican Leadership’s Reconciliation Bill Takes Food Assistance Away From Millions of People,” CBPP, June 6, 2025, https://www.cbpp.org/research/food-assistance/by-the-numbers-senate-republican-leaderships-reconciliation-bill-takes.

^[11] Rhiannon Euhus, Elizabeth Williams, Alice Burns, and Robin Rudowitz, “Allocating CBO’s Estimates of Federal Medicaid Spending Reductions Across the States: Senate Reconciliation Bill,” KFF, July 1, 2025, https://www.kff.org/medicaid/issue-brief/allocating-cbos-estimates-of-federal-medicaid-spending-reductions-across-the-states-senate-reconciliation-bill/.

^[12] Institute on Taxation and Economic Policy, “Analysis of Tax Provisions in the Senate Reconciliation Bill: National and State Level Estimates,” ITEP, July 2, 2025, https://itep.org/analysis-of-tax-provisions-in-senate-reconciliation-bill/.

^[13] Tax Policy Center, “How Would Potential Federal Budget Cuts Impact State Budgets?” May 20, 2025, TPC, https://taxpolicycenter.org/features/how-would-potential-federal-budget-cuts-impact-state-budgets.

^[14] Esteban Leonardo Santis, “Florida Needs to Balance the Scales If It Wants to Cut Taxes,” Bloomberg Tax Insights, May 2, 2025, https://news.bloombergtax.com/tax-insights-and-commentary/florida-needs-to-balance-the-scales-if-it-wants-to-cut-taxes.

^[15] Esteban Leonardo Santis, “Behind the Numbers: What Floridians Should Know About the FY 2025-26 Tax Package,” Florida Policy Institute, July 11, 2025, https://www.floridapolicy.org/posts/behind-the-numbers-what-floridians-should-know-about-the-fy-2025-26-tax-package.

^[16] Florida Policy Institute, “State of the Budget (Part 3): Florida Leaves Federal Dollars on the Table,” February 2, 2024, https://www.floridapolicy.org/posts/state-of-the-budget-part-3-florida-leaves-federal-dollars-on-the-table.

^[17] The Senate Committee on Appropriations, The House Appropriations Committee, and The Legislative Office of Economic and Demographic Research, State of Florida: Long-Range Financial Outlook - Fiscal Years 2025-26 Through 2027-28, EDR, September 6, 2024, https://edr.state.fl.us/Content/long-range-financial-outlook/3-Year-Plan_Fall-2024_2026-2028.pdf.

^[18] Research and Statistics Group, “Quarterly Report on Household Debt and Credit, 2025: Q1 (Released May 2025), Federal Reserve Bank of New York, May 2025, https://www.newyorkfed.org/microeconomics/hhdc.

^[19] Research and Statistics Group, “Quarterly Report on Household Debt and Credit, 2025: Q1 (Released May 2025), Federal Reserve Bank of New York, May 2025.

^[20] Office of Economic and Demographic Research, “Monthly Revenue Report: General Revenue Collections for May 2025 (Sales Tax Data Reported is Unaudited),” Volume 45, Number 11, May 2025, https://edr.state.fl.us/Content/revenues/reports/monthly-revenue-report/newsletters/nlmay25.pdf.

^[21] Office of Economic and Demographic Research (EDR), “Florida Sales Tax Contributions from Households, Businesses and Tourists,” EDR, March 26, 2025, https://edr.state.fl.us/Content/economy/FloridaSalesTaxContributions_FY21-22.pdf.

^[22]  Office of Economic and Demographic Research (EDR), “Population and Demographic Data - Florida Products: Population: 2025, 2030, 2035, 2040, 2045, & 2050,” EDR, October 2023, page 4, http://edr.state.fl.us/Content/population-demographics/data/Pop_Census_Day-2022.pdf.

^[23] Joseph Johns, “State and Local Tax Collections Per Capita by State, 2025,” Tax Foundation, May 13, 2025, https://taxfoundation.org/data/all/state/state-local-tax-collections-per-capita/.

^[24]  Florida Timeline, “1924 – Prohibition of Personal Income and Inheritance Taxes,” n.d., https://www.floridatimeline.org/timeline/1924-prohibition-of-personal-income-taxes-and-inheritance-taxes/

^[25]   Florida Timeline, “2006 – Repeal of Intangibles Tax,” n.d., https://www.floridatimeline.org/timeline/2006-repeal-of-intangibles-tax/.

^[26] U.S. Census Bureau, "Annual Survey of State and Local Government Finances, 2022," October 2024, https://www.census.gov/programs-surveys/gov-finances.html.

^[27] Carl Davis et al., “Who Pays? A Distributional Analysis of the Tax Systems in All 50 States (7^th Ed.),” Institute on Taxation and Economic Policy (ITEP), January 2024, https://sfo2.digitaloceanspaces.com/itep/ITEP-Who-Pays-7th-edition.pdf

^[28] FPI derived this range from cross-referencing statements made by the Executive Office of the Governor and the Florida Senate. Most recently, the Florida Senate in its summary of the 2025 General Appropriations Act (SB 2500), reported $12.7 billion reserves, not including trust fund balances, and only counting: total unallocated general revenue, the BSF, and the additional $500 million to the Emergency Preparedness Response Fund. As a result, the Senate’s figure does not offer a complete picture of all reserves because it does not consider state trust fund balances, nor the total for the Emergency Preparedness and Response Fund. As a comparison, the Executive Office of the Governor recently reported $15.7 billion reserves, but only mentioned the BSF. However, before the 2025 session, the Office of the Governor submitted its proposed budget with an overview of reserves available for FY 2025-26. Based on the governor’s plan, reserves totaled $14.6 billion ($4.2 billion in unallocated GR; $4.9 billion in BSF; $2.3 billion in unallocated state trust funds; $1 billion in the Emergency Preparedness and Response Fund; and $2.2 billion in the RAP and FORA programs). With this as context, this section discusses changes to BSF, reports total Emergency Preparedness and Response Funds (inclusive of the additional $500 million), and adjusts the RAP program. Conclusively, the lower end of the range ($14.5 billion) incorporates confirmed figures for unallocated GR ($7 billion), BSF ($4.9 billion), RAP ($0.9 billion) and the most recent balance for the Emergency Preparedness and Response Fund ($1.67 billion). The high-end of the range uses the Executive Office of the Governor’s most recent figure and assumes the difference between the low-end and high-end (about $1.23 billion) is based on state trust fund surpluses (i.e., other funds). See subsequent references for links.

^[29] The Florida Senate, “2025 Summary of Legislation Passed: Committee on Appropriations, SB 2500—Appropriations,” 2025, https://www.flsenate.gov/Committees/billsummaries/2025/html/3772. See also Executive Office of the Governor, “Governor Ron DeSantis Signs Florida Fiscal Year 2025-2026 Budget,” June 30, 2025, https://www.flgov.com/eog/news/press/2025/governor-ron-desantis-signs-florida-fiscal-year-2025-2026-budget. And Executive Office of the Governor, “Focus on Fiscal Responsibility, Fiscal Year 2025-2026: Overview, Debt Reduction, and Reserves,” n.d., http://www.focusonfiscalresponsibility.com/PDFLoader.htm?file=OverView.pdf.

^[30] Office of Economic and Demographic Research, “General Revenue Fund. Financial Outlook Statement: Including Results of March 14, 2025 Revenue Estimating Conference, and Other Adjustments as of March 12, 2025 FY 2024-25 through FY 2029-30,” EDR, March 14, 2025, https://edr.state.fl.us/Content/revenues/outlook-statements/general-revenue/index.cfm. See also The Florida Senate, “2025 Summary of Legislation Passed: Committee on Appropriations, SB 2500—Appropriations,” 2025.

^[31] Florida House of Representatives, “HB 5013 PCB BUC 25-07 Final Bill Analysis,” Florida Senate, June 18, 2025, https://www.flsenate.gov/Session/Bill/2025/5013/Analyses/h5013z.BUC.PDF.

^[32] Transparency Florida, “2025-26 Trust Fund Detail - Cash and Investment Balance: Emergency Preparedness Response Fund,” July 11, 2025, http://www.transparencyflorida.gov/Reports/TrustFundsReport.aspx?FY=&RT=TF.

^[33] The Florida Office of Economic and Demographic Research (EDR) compiles a list of all tax expenditures as part of the Florida Tax Handbook. See page 32 of the 2024 Florida Tax Handbook: http://edr.state.fl.us/content/revenues/reports/tax-handbook/.