E-commerce companies selling products to residents in the US state of Florida will have to collect a 6 per cent sales tax beginning July 1. The new tax is expected to raise $1 billion in revenue, which is planned to be used to support the state’s Unemployment Compensation Trust Fund, preventing a tax hike on businesses to maintain the solvency of the fund.
Governor Ron DeSantis signed the bill into law in April.E-commerce companies selling products to residents in the US state of Florida will have to collect a 6 per cent sales tax beginning July 1. The new tax is expected to raise $1 billion in revenue, which is planned to be used to support the state's Unemployment Compensation Trust Fund, preventing a tax hike on businesses to maintain the solvency of the fund.#
According to the Florida Chamber of Commerce, the state’s businesses would have been on the hook for a $713 million tax increase without passage of the bill. An amendment to the bill also reduced the business rent tax from 5.5 per cent to 2 per cent, according to media reports from the state.
Florida already had a ‘use tax’, which required residents to pay a 6 per cent sales tax on items purchased outside the state’s borders. This included purchases made through the Internet.
E-taxes were first made possible by a US Supreme Court decision in 2018.
Fibre2Fashion News Desk (DS)
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