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Special Session Update

Florida legislators worked through the weekend to progress toward a final state budget; it is anticipated the budget will be ready for final vote by the end of the work week. Key developments over the past week include:

  • Market Florida: Budget conferees agreed last week to $35 million for Enterprise Florida’s use for global efforts to market Florida as the best climate for business up from the current $0.
  • Targeted Tax Reform: Legislators yesterday passed a targeted tax reform package to lower the cost of doing business and living. The package, which now is headed to Governor Rick Scott’s desk for signature, includes:
    • A reduction in the communications services tax (CST),
    • An increase in the research and development tax credit,
    • Extended bonuses in enterprise zones for two years for companies currently receiving bonuses, and
    • Create a 10-day Back-to-School Sales Tax Holiday.

This update provides a snapshot of where legislation lies now, but it is typical at this point in a legislative session for new developments to happen at record speed. Legislators must approve a state budget by June 30. We will update you on final outcomes post-session.

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