Taxes, regulations on the docket in Tallahassee

The Florida State Legislature kicked off its 60-day 2020 session Jan. 14. A slate of tax and regulatory bills with potential impact on the business community had been prefiled. Among them:

Business rental tax: Florida lawmakers have chipped away at the state’s Business Rental Tax three straight years. Among likely 2020 legislative proposals is a half-percent BRT cut, which lowers the sales tax on commercial leases from 5.5 to 5% beginning Jan. 1, 2021. Such a 0.5% tax reduction would save Florida business owners an estimated $829 million over the next five years, state economists project.