Commercial Lease Sales Tax Update: Major Reduction for 2024 Ahead of Schedule

As discussed in our Real Estate Blog, the state-level sales tax rate on commercial lease payments will be reduced from 4.5% to 2.0% three months after Florida’s Unemployment Compensation Trust Fund (UCTF) is replenished to pre-pandemic levels. According to the recent forecast from the Florida Office of Economic and Demographic Research, the UCTF is expected to be replenished by March 2024. This is two months ahead of schedule!

At the current rate, the next reduction in sales tax would become effective June 2024.

We will provide more updates when available.