The state of Florida just passed a $196 million tax relief package for the residents of the Sunshine State. It includes a third tax holiday, new tax exemptions and credits, and a one-month Fuel Tax Holiday. The bill, introduced by House Ways & Means, passed the Senate 117-1 and will now go to Governor Ron DeSantis for signature. However, Florida Democrats are fuming. They say that Governor DeSantis opposed the American Rescue Plan and is punishing Disney by implementing this plan. Regardless of the politics, Florida drivers will benefit from these changes in the state’s budget.
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The state government is hoping to raise $1 billion through the temporary sales tax holiday program. The funds would go towards disaster relief, back-to-school supplies, certain recreational activities, and gasoline. But, the money would not go far if policymakers can’t balance the state’s budget. In the long run, sales tax holidays are useless because they don’t address the underlying inequities in Florida’s tax code. Instead, the money could be put to good use reforming the state’s tax code.
When attempting to settle a tax debt, many individuals end up with a lot more headaches than they anticipated. Tax attorneys can negotiate a settlement on your behalf or work out a payment plan with the IRS. A tax lien prevents a property owner from selling it until the debt is paid. In addition to the lien, there’s the tax levy, which can result in a seized asset. The penalty for failing to pay taxes can add up to a substantial debt, so it’s essential to seek tax relief.IRS tax relief services