Posts from August 2024.
As of June 1, 2024, the State of Florida reduced the state sales tax rate on commercial real property lease payments from 4.5% to 2%. All commercial leases with an occupancy period that started on or after June 1, 2024 will be impacted. The new 2% tax rate applies to both base rent and additional rent.
What if payments were made in advance of a June 1, 2024 occupancy? The new 2% rate still applies even if rent payments were paid in advance and received prior to a tenant’s June 1, 2024 occupancy.
Be careful, however, this change to the state sales tax does not affect any local discretionary sales ...