FL - Guidance issued on affidavit required to claim exemption for boats sold to nonresident purchasers
Guidance is issued regarding changes that have been made to the affidavit required to claim the sales tax exemption for […]
Read MoreEffective June 1, 2024, the Florida sales tax rate imposed on the total rent charged for renting, leasing, letting, or granting a license to use real property (also known as “business rent tax” or “commercial rentals”) is reduced from 4.5% to 2%.
Examples of Real Property Rentals Subject to Tax
Examples of real property rentals subject to this tax include rentals of:
commercial office or retail space;
warehouses; and
self-storage units or mini-warehouses.
Tax is Due at Rate in Effect During Time Tenant Occupies Real Property
Sales tax is due at the rate in effect during the time the tenant occupies or is entitled to occupy the real property regardless of when the rent is paid:
rental charges paid on or after June 1, 2024, for rental periods of December 1, 2023, through May 31, 2024, are subject to the 4.5% state sales tax rate plus any applicable discretionary sales surtax; and
rental payments made prior to June 1, 2024, that entitle the tenant to occupy the real property on or after June 1, 2024, are subject to the 2% state sales tax rate plus any applicable discretionary sales surtax.
Tax Information Publication, No. 24A01-02, Florida Department of Revenue, April 8, 2024
Guidance is issued regarding changes that have been made to the affidavit required to claim the sales tax exemption for […]
Read MoreThe Florida Department of Revenue is offering corporate income tax return filing extensions for businesses in counties affected by severe […]
Read MoreFlorida issued guidance that discusses the new corporate income tax credit for employing individuals with unique abilities. The guidance includes […]
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Read MoreThe IRS released the inflation adjustment factors and the resulting applicable amounts for the clean hydrogen production credit for 2023 and 2024. For 2023, the inflation adjustment factor is one, so the inflation adjusted applicable amounts are the same as those in Code Sec. 45V(b). Thus, the applicable amounts for a […]
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