TALLAHASSEE, Fla., May 15, 2019 /PRNewswire/ -- Florida
Realtors®, the state's largest professional trade
association with more than 187,000 members, applauds Gov.
Ron DeSantis' signing into law House
Bill 7123, which includes a .2% reduction to the state tax on
commercial leases, known more commonly as the Business Rent Tax
(BRT).
"Every single day, businesses both in and outside of
Florida must face tough decisions
due to the business rent tax, a tax no other state levies," says
2019 Florida Realtors President Eric
Sain, a Realtor and district sales manager with
Illustrated Properties in Palm
Beach. "Thank you to Governor DeSantis and our Legislature
for the third-straight cut to this tax."
With the signing of HB 7123, the new state tax rate on
commercial leases will be 5.5%, down from its original 6% in 2017.
In total, the three consecutive BRT cuts will save businesses an
estimated $156 million each year they
can use to expand, hire more employees, improve benefits and raise
salaries.
The BRT cut contained in HB 7123 will become effective on
Jan. 1, 2020.
Florida Realtors® serves as the voice for
real estate in Florida. It
provides programs, services, continuing education, research and
legislative representation to 187,000 members in 52
boards/associations. Florida Realtors® Media
Center website is available
at http://media.floridarealtors.org.
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SOURCE Florida Realtors