FL S0968

Replaces the sales tax bracket system with a direct calculation method requiring dealers to multiply the taxable transaction amount by the applicable tax rate (6 percent or 4.35 percent) and round down any fractional cents to the nearest whole cent.

Applies the new calculation method to discretionary sales surtaxes in counties that have adopted them, with surtax amounts calculated by multiplying the taxable transaction by the applicable surtax rate.

Removes outdated bracket tables that previously specified tax amounts for transactions in various price ranges, eliminating complex tiered structures for both 6 percent and combined tax situations.

Extends the new calculation methodology to admissions taxes, service warranties, and other taxable transactions governed by sections 212.04, 212.05, and 212.0506.

Takes effect July 1, 2016.