News Summary
The current Florida legislative session is prioritizing small businesses, advocating for significant tax law changes. Notably, there is a push to abolish the Business Rent Tax, which could save small business owners $1.6 billion annually. Additionally, a proposal is on the table to double the small business exemption to $50,000. Efforts to curb overregulation and ensure effective spending are shaping the landscape for small businesses in the state as the session progresses. With positive momentum from recent elections, the future looks promising for small business owners in Florida.
Florida Legislative Session Heating Up for Small Business Owners
Welcome to sunny Florida, where the legislative session is currently buzzing with activity, especially around issues that impact our beloved small businesses. As the heart and soul of our communities, small businesses are now taking center stage as advocates push for crucial tax law changes that could make a world of difference.
Business Rent Tax: Time for a Change!
The National Federation of Independent Business (NFIB) is front and center in this effort, focusing their sights on an outdated tax: the Business Rent Tax. Currently, business owners are charged a 2% tax on commercial lease payments, a burden that many argue is unnecessary. The good news? This tax was already reduced from 4.5% during the last legislative session thanks to NFIB’s hard work.
Looking ahead, Governor Ron DeSantis has made a promise that has small business owners cheering: his goal to completely abolish this tax in his 2025 State of the State address. If this tax is completely eliminated, experts estimate that it could save business owners a whopping $1.6 billion annually. However, it’s important to note that while this is great news for business owners, it would also lead to a decrease in state tax revenue by the same amount. Such a shift could have long-reaching impacts on state funding for various services.
Small Business Exemption on the Table
In addition to addressing the Business Rent Tax, there’s another crucial proposal on the table. The Florida legislature is considering a referendum for 2026 aimed at doubling the small business owner exemption from $25,000 to $50,000. This adjustment is linked to inflation, ensuring that Florida’s small business owners can keep more of their hard-earned money in their pockets. NFIB is fully supportive of this proposed increase, seeing it as a much-needed step in the right direction.
Ensuring Effective Spending
But wait, there’s more! The NFIB isn’t just focusing on tax reductions; they’re also keen on ensuring small business owners are spending their funds effectively. A bill under consideration would prohibit taxpayer-funded time for union business activities. This legislation, sponsored by Senator Randy Fine and Representative Dean Black, aims to build on previous union reforms, ensuring that taxpayer money isn’t used to fund union-related activities during working hours.
Opposing Overregulation
However, it’s not all smooth sailing. The NFIB has voiced strong opposition to proposed legislation that seeks to introduce new regulations on landscaping, driveway, and lawn work. Critics argue that these regulations could impose strict deadlines and potentially even criminal penalties for small business owners, adding unnecessary stress and red tape to everyday operations.
Looking Ahead
In the context of Florida’s recovering economy, NFIB’s Executive Director has called for pro-growth legislation as a means to further support small businesses. Over the past few legislative sessions, we’ve seen a notable focus on supporting small businesses through successful tax cuts and regulatory reforms, laying a solid foundation for growth and recovery.
The next step is fast approaching! The 2025 legislative session kicks off on March 4, 2025, after several committee meetings in January and February. And let’s not forget, the recent elections saw pro-small business candidates gaining important seats, adding to the momentum for positive change.
Stay Tuned
With several open seats resulting from appointments within the Trump administration, the NFIB’s Florida PAC and FedPAC will be keeping a close watch on special elections linked to these openings. It’s an exciting time for small businesses in Florida, and all eyes are on the legislature as they work to shape the future for small business owners throughout the state.
Deeper Dive: News & Info About This Topic
- NFIB: Florida Small Business Legislative Recap
- Florida Trend: Wednesday’s Daily Pulse
- NerdWallet: Small Business Grants in Florida
- Shopify: Most Business-Friendly States
- Business Insider: Tax Write-Offs
- Wikipedia: Taxation in the United States
- Google Search: Florida Small Business Legislation
- Encyclopedia Britannica: Small Business
- Google News: Florida Small Business News
