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During a June meeting of the Florida Cabinet, Chief Financial Officer Jimmy Patronis voted to approve rules to implement a reduction in the state’s Commercial Lease Sales Tax rate, decreasing the tax burden on small businesses following the replenishment of the Unemployment Compensation Trust Fund. Passed by the Legislature in 2021, the Commercial Lease Sales Tax cut will reduce the rate from 4.5% to 2%, providing employers with an estimated $1 billion in tax relief. In 2022, Florida began replenishing its Reemployment Assistance Trust Fund after the increase in reemployment assistance benefits payments nearly depleted it in 2020. The Florida Department of Revenue, directed by the Legislature, distributed $90 million monthly to replenish the state’s trust fund, and as of March 21, the trust reached the $4.1 billion threshold.

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