On December 20, 2017, I co-authored an article, Business Rent Tax Reduced Beginning January 1, 2018, that discussed the Florida Legislature’s decision to lower the Business Rent Tax (“BRT”) from 6.0 percent to 5.8 percent.
On March 23, 2018, Governor Scott and the Florida Legislature delivered another win for Florida’s business community with House Bill 7087. House Bill 7087 amends section 212.031 of the Florida Statutes to further reduce the BRT from 5.8 percent to 5.7 percent beginning on January 1, 2019.
Considering the impact on occupancy costs, any reduction in the BRT is welcome and those involved in commercial leasing will want to take note of this reduction when preparing leases that commence in 2019.
As with all tax matters, please consult with your tax professional. If you have any questions regarding the Business Rent Tax reduction and its effects, please contact us at 239-344-1100.