FL H7097

Summary of Florida CS/HB 7097 (2020) - Taxation

• Increases the population threshold from 750,000 to 950,000 for counties that may use tourist development tax revenues for zoological parks, fishing piers, and nature centers

• Creates new hospital community benefit reporting requirements effective January 1, 2022, requiring hospitals seeking property tax exemptions to annually submit IRS Form 990 Schedule H data to the Department of Revenue, with exemptions potentially limited if community benefit expenses fall below tax reductions for two consecutive years

• Establishes two sales tax holidays: a back-to-school holiday (August 7-9, 2020) exempting clothing up to $60, school supplies up to $15, and computers up to $1,000; and a disaster preparedness holiday (May 29-June 4, 2020) exempting generators up to $750, batteries up to $30, and other emergency supplies

• Extends ad valorem tax exemptions for deployed servicemembers to include additional military operations (Operation Juniper Shield, Pacific Eagle, and Martillo) and modifies the affordable housing property tax exemption to cover vacant units and units where tenant income has increased above qualifying limits

• Reduces the surplus lines insurance tax rate from 5% to 4.94% and increases the maximum bond requirement for motor fuel and diesel fuel terminal suppliers, importers, exporters, and wholesalers from $100,000 to $300,000