House Bill 7031 proposes significant amendments to Florida's tax regulations, primarily focusing on reducing sales tax rates across various categories. The bill lowers the sales tax rate for electrical power from 6.95% to 6.2%, transient rentals from 6% to 5.25%, and admissions and sales of tangible personal property from 6% to 5.25%. Additionally, it introduces a new tax rate of 3.25% for coin-operated amusement machines and adjusts the tax rate for diesel fuel used in vessels to 5.25%. The bill also grants the Department of Revenue the authority to adopt emergency rules to ensure effective implementation of these changes.

Moreover, the bill addresses the sales tax exemption for nonresident purchasers of boats and aircraft, requiring them to remove qualifying boats from the state within 90 days of purchase and provide written proof of registration outside Florida. A new fee structure for decals that authorize extended removal periods for qualifying boats is introduced, with a fee of $425 for extension decals. The bill outlines penalties for noncompliance, including a mandatory penalty of 200 percent of the tax for fraudulent acts. Overall, these changes aim to alleviate the tax burden on consumers and businesses while streamlining tax regulations and compliance requirements. The act is set to take effect on July 1, 2025, with certain provisions becoming effective immediately upon passage.

Statutes affected:
H 7031 Filed: 203.0011, 212.05011, 212.0515, 212.0506, 212.06, 212.08