HB 319 Summary

• Replaces the required local effort school property tax and nonvoted discretionary and capital outlay property taxes (approximately $11 billion combined) with a 2.75-cent education surtax on sales tax effective January 1, 2017

• Eliminates education-related property taxes from local property tax levy beginning November 2016 while maintaining current formulas for determining required local effort amounts

• Exempts retail sales of used tangible personal property with a sales price below $250 from sales and use tax effective January 1, 2017

• Qualifies Florida for participation in the Streamlined Sales and Use Tax Agreement to encourage out-of-state businesses to voluntarily collect Internet sales taxes, projected to supplement collections after 2 years

• Projects a net tax reduction for Florida residents of approximately $279 million, with approximately 25 percent of sales tax burden already paid by visitors