Starting on December 1, businesses will enjoy a 1% drop in sales tax paid on leases in Sarasota and Manatee counties, from 6.5% to 5.5%, granting substantial savings to all tenants. The tax relief package signed into law by Florida’s Governor Ron DeSantis on May 25 brings the first phase of dynamic changes to the sales tax landscape.

This reduction is in addition to the anticipated tax cut set to take effect in mid-2024, resulting from legislation passed in 2021. According to the 2021 legislation, the sales tax on leases paid in Sarasota and Manatee counties will decrease to 3% once the employee trust fund is replenished to pre-COVID levels.

This change brings about not only a dramatic reduction in costs but also serves as a significant boost for our region’s businesses. The combination of the immediate 1% decrease in sales tax and the future reduction to 3% will undoubtedly provide a positive impact on the financial well-being of businesses in Sarasota and Manatee counties.