by Randy Miller, AIF Senior Executive Vice President
& COO
January 17, 2001
Gov. Jeb Bush released details
of his 2001-2002 budget today. In it, the governor asks the legislature
to grant $313 million in tax relief to the citizens of Florida, making
further reductions in Florida’s intangibles tax the centerpiece
of his plan.
The following are the
three major features of the tax relief proposal:
Intangibles tax:
0.25 mill reduction in the rate, from 1 mill to 0.75 mills; increase
in exemptions to $250,000 for single filers, $500,000 for joint
filers, and $250,000 for businesses. Total relief: $242 million
Clothing Tax Holiday:
nine-day sales tax holiday on clothing. Total relief: $43 million
Hospital Assessment
(Sick tax): state assessment on net revenues from hospital outpatient
services, ambulatory surgical centers, clinical laboratories,
and diagnostic imaging centers cut to 0.5 percent; reduced from
1.5 percent to 1 percent in 2000. Total relief: $28 million
The governor’s plan
would also eliminate mandatory mediation for condominium disputes
and reinstate the refund of fees paid by taxpayers that successfully
appeal property assessments through the Value Assessment Adjustment
Board.
