state real estate advocacy group florida real estate agent has published research that supports the group's argument that eliminating rental taxes on commercial properties would benefit the state.
The study found that eliminating real estate rental taxes on businesses would boost the Sunshine State's economy by $19.7 billion over the next five years. Repealing the commercial property rental tax would create an additional 58,653 jobs over five years.
After all, with so many new residents coming to Florida, the study concluded that commercial real estate rental taxes are becoming obsolete.
“Nearly 1,000 people move to Florida every day. We need more investment in housing, retail, and development to support growth and keep Florida among the top-performing economies among the largest economies in the world.” “It is essential to remove this tax burden to make it possible,” the study's narrative states in the report. Published on Tuesday.
The study, titled “Economic Impact Analysis of Repealing Florida's Commercial Rental Tax,” concluded that the state real estate rental tax has been reduced so many times that it is essentially time to eliminate it.
“This tax rate has already been reduced several times and is scheduled to be reduced to 2% within the current state fiscal year. Removing this tax from the expected lower tax rates will provide significant benefits to the state economy. Masu.”
A 21-page report detailing the study Regional economic impact consulting group, was founded by two former Florida economists. The group argued that Florida's rapid population growth would offset the need for a commercial real estate rental tax.
The study acknowledged that state governments would lose tax revenue if the commercial property rental tax were abolished. But the analysis says the state's surge in residents largely offsets the drop in tax revenue.
“Studies show that when comparing initial losses to overall economic gains, states grow by $6.52 for every dollar of revenue lost. If new tax collections reduce initial state losses, , the increase is $8.39 for every dollar of lost revenue.”
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