No. HB 791
Filed under Taxes & Budget.
Tax/Sales Taxes; Revises upward specified sales & use tax, requires certain percentage of collected revenues be used for specified purpose; requires specified surtax when property is transferred.
Plain English Summary
AI-GENERATEDThe state sales tax rate rises from 6% to 9% on all retail sales of tangible personal property. This increases the cost of every purchase made in Florida.
A new 5% surtax applies to the consideration in any transaction that already requires payment of the existing property transfer tax. This adds a direct cost to buying or selling real estate.
One-third of all revenue collected from the new 9% sales tax must be used to fund the Florida Education Finance Program. This restricts how the state can spend that specific revenue stream.
The Department of Revenue must return all surtaxes collected on property to the governing authority of the county where that property is located. This directs the new property transfer revenue to local governments.
AIRaises the state sales tax rate from 6% to 9% on retail sales of tangible personal property.
AIRequires one-third of all sales tax proceeds to be used to fund the Florida Education Finance Program.
AIImposes a 5% sales tax on the consideration for any transaction subject to the documentary stamp tax on real property.
AIRequires the Department of Revenue to pay all collected property sales surtaxes to the governing authority of the county where the property is located.