Gov. Rick Scott signed Florida’s newest tax-cut package into law Wednesday. Scott has said the package adds up to $1 billion in tax cuts over the next two years.
Scott ceremonially signed the recently passed legislation, HB 7099, at a jobs announcement in Jacksonville Wednesday. Scott was in Jacksonville to announce jobs at Novolex, a company which manufactures plastic bags for grocery stores in Florida.
Scott’s original tax cut proposal to the Florida Legislature was for $1 billion, but state lawmakers downsized the governor’s plan considerably. The House ultimately offered to pass a smaller tax cut package of $991 million in cuts over the next two years, not over one year, while the Senate went even smaller, proposing $250 million and later proposing $400 million when a property tax cut was included.
The total tax cut package adds up to around $129 million.
The new tax cut package included a three-day back-to-school sales tax holiday as well as the permanent elimination of sales tax on manufacturing machinery and equipment for businesses.
Scott nevertheless was cheerful in making his announcement at the signing. “This bill will not only give Florida families an important back-to-school sales tax holiday, but it will also permanently eliminate the sales tax on manufacturing machinery and equipment so companies like Novolex can invest more money in growing their business and creating new jobs,” he said. “We will continue to do all we can to cut more taxes and support economic growth so Florida can become first for jobs.”
Bill sponsor Sen. Dorothy Hukill, R-Port Orange, said the tax cut package would have a wide effect on companies in Florida.
“This tax cut package will have an incredible effect on the businesses growing jobs in our state and the Floridians who work each day to provide for their loved ones,” she said in a statement. “Governor Scott and the Florida Legislature have proven time and time again that we want to give more money back to those that most deserve it- Florida’s hardworking taxpayers.”
Rep. Matt Gaetz, R-Fort Walton Beach, who sponsored the bill in the House, released a statement later Wednesday applauding the governor’s signing of the package.
“We have made the decision in Florida that we can grow our economy, meet the needs of our state and care for the vulnerable not by having more taxes, but by having more taxpayers,” he said. “These tax cuts welcome new families, businesses, and visitors to our state each day.
“I was proud to spearhead the House’s efforts to cut taxes by over half a billion dollars this Session. As Finance & Tax Chairman, I have made it my mission to leave no tax safe and free as many Floridians as possible from the burden of crushing and unfair taxation.”
Gaetz said the tax cut package would be a boon to help grow the state’s economy.
“The adoption of this law constitutes more than $1 billion in tax cuts over the past two years,” he explained. “That is $1 billion less for government to squander and $1 billion more for our families, veterans, and job creators to harness to grow our economy and keep Florida on the path of prosperity.”