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Florida Requires Sales Tax Collection on All In-Person and Online Sales, Effective July 1 | Insights
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Tuesday, April 20, 2021
On April 19, Gov. DeSantis signed into law a sweeping tax package, Senate Bill 50, that provides both temporary and long-term relief to Florida businesses. The new law requires the collection of sales taxes by online businesses and is projected to generate $1 billion in annual tax revenue for the state. This will level the playing field for Florida brick and mortar businesses that are required to collect sales tax.
Florida businesses are facing two challenges, which this legislation addresses:
(i) a significant increase in employer reemployment assistance tax premiums given the drawdown of funds in the Unemployment Compensation Fund as a result of the COVID-19 pandemic and