CS for SB 7062 - Taxation Summary

• Prohibits counties from levying special assessments for fire protection on agricultural lands and eliminates the "agricultural pole barn" definition exception.

• Requires referenda for reenacting expiring tourist development taxes, tourist impact taxes, discretionary sales surtaxes, and fuel taxes to occur at general elections within a 48-month window and appear on the ballot only once.

• Creates tax credits for historic structure rehabilitation (20-30% of qualified expenses), residential graywater systems ($4,200 cap per system), and thoroughbred racing permitholders for federal compliance costs.

• Expands multiple sales tax exemptions including baby products, diapers, incontinence products, oral hygiene items, firearm safety devices, and private investigation services by small agencies; establishes temporary tax holidays for back-to-school items, disaster preparedness supplies, outdoor recreation items, tools, and ENERGY STAR appliances.

• Modifies veteran and first responder homestead tax exemption provisions, increases the Strong Families Tax Credit cap to $20 million, and appropriates $35 million for property tax refunds related to previous legislation.