“Florida’s Top 2018 Law Changes: What You Need to Know”

1. The Florida Legislature passed amendments to the corporate income tax, allowing for partial adoption of the Federal Internal Revenue Code and maintaining a corporate income tax rate of 5.5 percent (House Bill 7093).

2. For commercial leases in Florida, the sales tax for commercial rental payments is reduced from 6 percent to 5.7 percent (House Bill 7087).

3. A new law allows tenants to receive tax credits for making contributions to nonprofit scholarship-funding organizations if they pay a rental or license fee subject to the business rent tax (House Bill 7055). – First responders in Florida can now receive full worker’s compensation benefits for mental or nervous injuries, including PTSD, without the need for a physical injury.
– Primary care agreements in Florida are now clarified to not be considered as insurance and are not regulated by the Florida Insurance Code.
– Pharmacies in Florida are now required to disclose prescription costs and patient cost sharing obligations on their websites and in their businesses. 1. Homeowners’ insurance policies now must disclose in bold 18-point font that hurricane insurance does not include flood insurance, even if hurricane winds and rain caused the flood.
2. Assisted living facilities are now required to have backup power sources available to maintain inside temperature at 81 degrees or less for at least four days, resulting in an expected aggregate cost of approximately $243 million for Florida’s 3,000 facilities.
3. Legislation has been passed to reinstate the Back to School Sales Tax Holiday, providing a three-day sales tax reprieve from August 3rd to August 5th for certain items such as clothing, footwear, and bags. Additionally, a seven-day Disaster Preparedness Sales Tax Holiday has been created for specific items related to disaster preparedness. 1. Residential improvements damaged or destroyed by Hurricanes Hermine, Matthew, or Irma are eligible for tax abatement.
2. Property owners must file an application with the local property appraiser by March 1, 2019.
3. The appraiser will recommend to the tax collector and calculate the damage differential.
4. The tax collector will determine the disaster relief credit and issue a refund to the property owner.

https://www.jimersonfirm.com/blog/2018/06/2018-florida-statutes-legislative-amendment/