HB 575 Summary

• Replaces the required local effort education property tax (approximately $8 billion annually) with a 2 percent education sales and use tax, effective January 1, 2017

• Eliminates the required local effort education property tax from local property tax levies beginning with the 2017-2018 fiscal year

• Directs the Department of Revenue to petition for Florida's full membership in the Streamlined Sales and Use Tax Agreement to facilitate voluntary Internet sales tax collection by out-of-state businesses

• Exempts retail sales of used tangible personal property priced at $250 or less per item from sales and use tax, effective January 1, 2017

• Establishes provisions for tax treatment of occasional or isolated sales of aircraft, boats, mobile homes, and motor vehicles, including valuation methods and penalties for fraudulent underreporting