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September 20, 2022

Statement from Florida Policy Institute on Governor’s Tax Cut Package for FY 2023-24

Gov. DeSantis unveiled his "Family-Focused Tax Relief" proposal today, which includes measures that would provide substantive relief to Floridians. The permanent exemptions on baby and toddler necessities, cribs and strollers, and temporary exemptions on books, toys, and household items would certainly help families navigate the increasing cost of living and the ongoing impacts of the pandemic.

We are, however, dismayed that the proposal includes a continuation of the annual sales tax holidays. Research shows that sales tax holidays hardly provide any relief to Florida’s families, nor do they provide a significant boost to retailers or the state’s economy. They siphon revenue away from much-needed investments that would have wide reaching benefits across the state — investments in education, housing, health care, and more. There are better, proven ways to target relief to Floridians struggling to make ends meet than through sales tax holidays.

Florida’s "upside down" tax code disproportionately benefits wealthier residents. In the spirit of making the tax code more family-focused, lawmakers should enact policies like the Working Floridians Tax Rebate, a state version of the federal Earned Income Tax Credit. This would do far more for Florida’s families than the sales tax holidays. The rebate would provide direct, targeted relief to one in five Floridians, would help balance our unfair tax system, and would inject $862 million each year into our state economy.

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