April 11, 2024

Behind the Numbers: What Floridians Should Know About the State Tax System in FY 2024-25

Each year, during the regular legislative session, state lawmakers pass an omnibus tax bill — commonly known as the Legislature’s “tax package” —  that offers an opportunity to make temporary or permanent changes to the state’s tax code.[1] This year’s tax package, House Bill (HB) 7073, would cost $827 million in one-time (or non-recurring) tax changes, including costs incurred (about $405 million) after FY 2024-25, plus $87 million in recurring expenses. 

In this three-part blog series, “Behind the Numbers: What Floridians Should Know About the State Tax System in FY 2024-25,” Florida Policy Institute (FPI) provides an overview of the state’s current tax structure, summarizes missed opportunities in HB 7073 that would have made the tax code fairer, and recaps nine key provisions in the tax package.

Click the links below to access each installment.

Florida's Regressive Tax System is in Need of Reform (Part 1)

Lawmakers Miss an Opportunity to Make Florida's Tax Code Fairer (Part 2)

9 Takeways From the Florida Legislature's Tax Package (Part 3)

Note

[1] While the omnibus tax package contains temporary and permanent tax changes for the upcoming fiscal year(s), policymakers may also submit standalone bills that make changes to specific tax issues, which could become part of the final tax package. 

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