State reduces rent tax

The Florida Legislature during its most recent session trimmed the tax businesses must pay annually on commercial real estate leases, a step that advocates hope could lead to the eventual elimination of the fee.

If approved as part of the final state budget to be signed by Gov. Rick Scott, the so-called business rent tax would decline from 6% to 5.8%, which would save tenants roughly $60 million annually, according to figures compiled by Florida Realtors, a statewide trade group.

More specifically, office tenants that occupy 30,000 square feet of space at a cost of $28 per square foot pay $50,400 in rent tax each year. With the reduction, which begins Jan. 1, those same tenants will pay $48,720.