Small business tax holiday is approved by Senate committee

On March 23, the Finance and Tax committee of the Florida Senate approved a bill that would make all Small Business Saturday sales exempt from taxes-- in other words, a sales tax holiday. The bill (SB 0384) states that “the tax levied under chapter 212, Florida Statutes, may not be collected during the period from 12 a.m. on Nov. 28, 2015, through 11:59 p.m. on Nov. 28, 2015, on the sale at retail...by a small business of any item or article of tangible personal property... which has a sales price of $1,000 or less per item or article.” The law would go into effect July 1, 2015, meaning, on Nov. 28, 2015, Small Business Saturday will officially be tax-free, stimulating the profits of small businesses and creating happy customers everywhere. The bill is still under review, however odds appear in its favor. The bill is sponsored by Senator Rene Garcia (R-Hialeah), who feels the legislation is a great way to generate growth for local businesses. In addition, this month saw the House version of the bill (HB 259) pass in the House Finance and Tax committee, 31-1. Representative Jay Fant asserts the bill is for “mom and pops,” and a way for Florida to take care of her small business families. If the bill passes, according to Sen. Garcia and Rep. Fant, it will only mean good things for places like Madison County; its backbone largely comprised of small businesses owned by honest, hard-working individuals who seek to make the community, and larger Madison County, better. In order to track the bill, go to flsenate.gov, and search for Senate Bill 0384 in the 2015 legislative session.