HB 1011 Summary

• Revises Florida's sales and use tax calculation method by requiring taxes to be calculated by multiplying the total price by 6 percent (or 6 percent plus any county discretionary sales surtax), with fractional cents rounded down to the nearest whole cent.

• Establishes tax brackets for transactions at 6 percent rate: no tax on sales under 10 cents; 1 cent on 10-16 cents; 2 cents on 17-33 cents; 3 cents on 34-50 cents; 4 cents on 51-66 cents; 5 cents on 67-83 cents; and 6 cents on 84 cents to $1, with 6 percent charged on amounts over $1.

• Provides separate bracket schedules for counties with 1 percent discretionary sales surtax (7 percent total rate) with adjusted ranges, including a tiered structure where 7 percent applies to the first $5,000 in price and 6 percent applies to amounts exceeding $5,000.

• Requires the Department of Revenue to make tax amounts and applicable brackets available electronically for all transaction types, including admissions tax and service warranty tax calculations.

• Takes effect July 1, 2014.