Florida Sales Tax Changes in Omnibus Bill
- Sales Tax News
- Mar 30, 2012 | Will Frei
The Florida Governor signed HB 7087 into law, an omnibus bill that includes several modifications to sales tax law.
HB 7087 appropriates a portion of the revenue generated from the cigarette tax to help fund cancer research. It mandates that 1.47% of the net revenue generated from the tax--less certain charges--go to the H. Lee Moffit Cancer Center and Research Institute. Beginning July 1, 2013 the amount increases to 2.75%, and 1% will go to the Biomedical Research Trust Fund in the Health Department.
The bill also modifies the oil production tax, to include "mature field recovery oil," which refers to barrels of oil recovered from new wells that ". . . begin production after July 1, 2012, in fields discovered prior to 1981." The gross value of mature field recovery oil will be taxed at the following rates:
- 1% on oil $60 per barrel and below
- 7% on oil between $60 and $80 per barrel
- 9% on oil above $80 per barrel
The Florida sales tax holiday (August 3-5, 2012) appears in section 22 of the bill. During the holiday, Florida residents may purchase clothing, accessories and school supplies without paying sales tax.
All of the bills provisions go into effect July 1, 2012.