Governor proposes over $1 billion tax relief for homeowners insurance, small businesses, more

MARCO ISLAND, Fla. – Gov. Ron DeSantis outlined his plan to save Florida families over $1 billion in tax relief through his budget recommendations for fiscal year 2024-2025.

“We will continue to provide big tax relief,” DeSantis said during a press briefing on Tuesday. “This budget provides more than $1.1 billion in tax relief, including a new tax relief initiative, $431 million to reduce the cost of homeowners insurance.”

Florida lawmakers will consider the governor’s budget proposal, which he announced Tuesday.

He added that six sales tax holidays, including back-to-school, disaster preparedness and the Freedom Summer holidays will save taxpayers more than $475 million.

“We’re also going to continue with $170 million in small business tax cuts,” DeSantis said.

“I don’t think there’s ever been, before I was governor, a billion dollars or more in tax relief in a given year. We did way more than that this year and of course we’re going to do the $1.1 billion going forward,” he said.

Additionally, in a press release, the governor’s office highlighted several other tax relief recommendations he plans to sign for the next fiscal year, including a permanent exemption on over-the-counter pet medications and an increase in the sales tax collection allowance that would save small businesses $165 million.

“Success is not something that is handed to a state as large as Florida. It requires a steadfast commitment to supporting families at every step,” DeSantis said in the press release.

“By expanding workforce education for high-demand jobs, providing family-first tax relief, ensuring that Florida’s students can access a quality education that fits their needs, investing in resilient infrastructure and putting conservative principles at the forefront of every decision, we have delivered time and again for our residents,” he said.

“Florida’s success is proof positive that when you establish a foundation of governing on conservative principles and protect the freedom of your residents, success will follow. I look forward to seeing what we can accomplish over the next year,” he added.