HB 7141 - Taxation Summary

• Increases homestead property tax exemption for widows, widowers, blind, and permanently disabled persons from $500 to $5,000 effective for tax years beginning January 1, 2016

• Reduces communications services tax rates from 6.65% to 3.05% and direct-to-home satellite services tax from 10.8% to 7.2%, with conforming changes to tax allocation and collection procedures

• Authorizes servicemembers deployed in designated military operations to receive additional ad valorem tax exemptions with extended deadlines for 2014 deployments and special procedures for 2015 claims

• Repeals Florida's estate tax (Chapter 198) effective for decedents dying on or after January 1, 2005, while maintaining tax obligations for pre-2005 estates

• Creates three sales tax holidays: back-to-school (July 31-August 2, 2015), small business Saturday (November 28, 2015), and July 4th holiday (July 4, 2015) on specified items including clothing, school supplies, computers, firearms, and camping/fishing equipment