FL S0506

Eliminates the tiered bracket system for calculating sales and use tax and replaces it with a straightforward method of multiplying the taxable transaction amount by the applicable tax rate (6 percent for most items, 4.35 percent for specific transactions).

Requires rounding down tax and discretionary sales surtax amounts to the nearest whole cent when calculations result in fractions of a cent.

Removes outdated Department of Revenue requirements to make tax bracket tables available in electronic or other formats, since brackets are no longer used.

Updates references in sections 212.04, 212.05, 212.0506, and 213.015 to reflect the new calculation method instead of bracket-based taxation.

Takes effect July 1, 2015.