Getting Tax Relief In Florida
If you live in Florida,you’re probably wondering if you can get some Florida tax relief. The new budget includes a $1 billion package of changes to cut taxes for businesses and homeowners,and a number of tax breaks for those who own homes. These changes are especially beneficial for those who are facing foreclosure or are facing increased expenses on their mortgages. In addition,the proposed bill would double the ad valorem tax credit for affordable housing properties. Additionally,it would increase the cap for contaminated-site cleanups from $10 million to $27.5 million,allowing companies to claim more credits for their cleanup costs.
-
Fortunately,there are provisions in Florida tax relief that are aimed at helping individuals. For instance,the state is now offering a 50% discount on affordable housing,and has extended that to 100% of property taxes as well. This is a very positive development for Florida taxpayers. According to the state’s economists,the state will benefit from 22.8 million of these tax credits next year. Moreover,the new Florida tax bill has also increased the cap on contaminated-site income tax credits from 10 million to 27.5 million.
-
The state has been trying to reduce its tax burden for years now,and it’s time to act now. A Florida tax attorney can advise you on how to get the most out of the new tax laws. One way is to get a one-time credit for the sale of a home. Another option is to claim a credit for property taxes for a contaminated site. By doing so,you can save money on property taxes for several years.
-