Tax Breaks Get Green Light

The Senate Finance and Tax Committee on Tuesday approved more than $70 million in proposed tax breaks that could become part of a package lawmakers will negotiate later in the legislative session.

The proposals include providing a permanent tax exemption on sales of diapers and incontinence products (SB 114).

The bill, sponsored by Senate Minority Leader Lauren Book, D-Plantation, would save consumers $28.8 million next fiscal year. Lawmakers in 2022 passed a one-year tax exemption for diapers.

“I’ve filed this bill for the past six years, and while we’ve had incredible success in the last year with a one-year exemption, I know this year we’re going to get it across the finish line,” Book said.

The committee also approved a proposal (SB 288) that would provide a 20 percent to 30 percent tax credit for the costs of rehabilitating certain historic structures.

That proposal would have a projected fiscal impact topping $39 million a year. Other proposals approved by the committee would provide breaks related to machinery involving storage and transportation of natural gas (SB 844); converting gas or diesel vehicles to electric (SB 284); and private investigation services (SB 116). Gov. DeSantis has proposed about $1.5 billion in tax breaks for next fiscal year, including a series of tax “holidays.”