Florida lowers commercial lease sales tax rate, providing $1 billion in relief

TALLAHASSEE, Fla. – Starting June 1, Florida’s Commercial Lease Sales Tax rate will be reduced from 4.5% to 2%, providing employers with approximately $1 billion in tax relief.

The reduction is a result of “dedicated efforts to efficiently reach the threshold for lowering Florida’s Commercial Lease Sales Tax” which is part of legislation that was signed back in 2021, according to an announcement from FloridaCommerce.

The department said the fund was “nearly depleted” in 2020 due to an “increase in reemployment assistance benefits payments” and as a result the state began replenishing the fund in 2022.

The Florida Department of Revenue gave $90 million monthly to replenish the trust fund, which has reached the $4.1 billion threshold.