Florida reduces commercial lease tax to 2%

The Florida Cabinet has approved a reduction in the sales tax on commercial leases from 4.5% to 2%. This follows a previous measure to cut the tax from 5.5% to 2% once the unemployment insurance trust fund reached $4.1 billion. The tax cut, which came into effect on June 1, is expected to save Florida businesses around $1 billion, particularly benefiting small businesses.