This bill amends various sections of Florida Statutes concerning taxation, particularly focusing on the Tourist Development Tax, property assessments, and tax credits. It establishes a requirement that at least 40 percent of tourist development tax revenues collected in a county, up to $50 million annually, must be allocated for promoting tourism. The bill also modifies the assessment process for citrus packinghouse and processor equipment affected by citrus greening, allowing such equipment to be valued for salvage if no longer operational. Additionally, it extends the classification period for agricultural lands taken out of production due to state or federal programs from five to ten years, ensuring these lands maintain a de minimis value assessment during this time.

Moreover, the bill introduces several new tax credits, including the Home Away From Home Tax Credit for contributions to eligible charitable organizations, and establishes the Rural Community Investment Program to support investments in rural areas. It outlines various sales tax holidays and exemptions aimed at stimulating consumer spending, such as exemptions for disaster preparedness supplies and educational materials. The bill also mandates a study on property tax structures and grants emergency rule-making authority to relevant departments for implementing these provisions. Overall, the legislation aims to enhance tax relief, streamline tax processes, and promote economic development in Florida.

Statutes affected:
S 7034 Filed: 125.0104, 193.4516, 193.461, 194.014, 194.171, 196.151, 196.198, 212.06, 212.08, 220.02, 402.62, 561.121, 624.509, 1002.945