No. CS/SB 1182
Filed under Taxes & Budget.
Business Development Incentives for Veterans and Military Spouses; Authorizing the Department of Revenue to provide specified state tax information to the Department of Veterans’ Affairs and the Department of State under a specified condition; creating the “Florida Veterans and Military Spouses Business Development Act”; requiring the Department of State to waive all fees for certain businesses; requiring the Department of Veterans’ Affairs to establish registration requirements for businesses seeking certain fee waivers and tax exemptions; providing annual reporting requirements, beginning on a specified date, etc.
Plain English Summary
AI-GENERATEDThe Department of State must waive all fees for new and existing veteran-owned or military spouse-owned businesses registered between 2026 and 2031.
Eligible businesses receive a $100,000 annual corporate tax exemption for five years, plus a one-time sales tax exemption on equipment purchases.
The Department of Veterans’ Affairs must verify business ownership and issue a letter that owners must use to claim these specific tax benefits.
The Department of Revenue may share state tax information with the other agencies under a formal written agreement.
AIPermits the Department of Revenue to share state tax information with the Department of Veterans’ Affairs and the Department of State.
AIRequires the Department of State to waive all fees for new and existing veteran-owned or military spouse-owned businesses.
AIGrants eligible veteran-owned or military spouse-owned businesses a temporary increase in the corporate income tax exemption for five taxable years.
AIProvides a one-time sales tax exemption for purchases of equipment and supplies directly related to business operations.
AIRequires the Department of Veterans’ Affairs to establish registration requirements for businesses seeking fee waivers and tax exemptions.
AIRequires the Department of Veterans’ Affairs to submit an annual report to the Governor and legislative leaders on business establishment and economic metrics.