September 23, 2008

FLORIDA TAX EXEMPTIONS ADVANCE

U.S. Senate extends ability of Floridians to deduct sales and property taxes

U.S. Senator Mel Martinez (R-FL) today announced that the U.S. Senate has extended the ability of Floridians to deduct sales tax and property tax from their federal income tax returns.

“This is about making sure Floridians receive the deductions they’re entitled to. Florida’s families shouldn’t be penalized because our state has a different revenue structure,” said Martinez. “The sales tax exemption allows Floridians to deduct the sales tax they pay from their federal income tax. The property tax exemption allows non-itemizers to deduct property tax just like itemizers can currently.”

The exemption extensions are good for the tax years 2008 and 2009. Senator Martinez encouraged his colleagues to make the exemptions permanent.

The Senate approved the extensions as part of the Tax Extenders bill. The measure also includes the Alternative Minimum Tax (AMT) fix – an adjustment to the tax code that protects 20 million Americans from seeing their taxes rise by an average $2,000.

The Senate also provided an estimated $17 billion in incentives to develop renewable energy resources such as wind, solar, and biomass. Included are credits for homeowners buying solar heating equipment and for those who purchase electric vehicles.

“At a time when fuel prices continue to rise, we need to promote the use of renewable resources as one component of a comprehensive energy solution. I have long supported the extension of renewable energy tax credits to provide consumers with incentives to make alternatives more affordable.”

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