Florida Tax Holiday For Summer 2024

Floridians will catch a lucky tax break this summer after Governor Ron DeSantis announced the state's "Freedom Month Sales Tax Holiday."

The new initiative means Florida residents will face zero taxes on summer items all throughout the month of July. The tax holiday applies to a range of different products that Floridians rely on during the summer, including fishing supplies and outdoor gear.

"Florida is stepping up to make summer more affordable for families," Gov. DeSantis said during the announcement. "While the federal government is causing high inflation and skyrocketing costs for families, Florida's smart fiscal policies allow us to reduce taxes and help reduce the burden on Floridians."

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During July, residents can expect taxes to disappear from boating and water activity equipment, fishing, camping and outdoor supplies as well as admission to various events around the state.

"Having a whole month where you can buy fishing rods, camping gear, event tickets, and all those little extras for summer fun without paying sales tax? That's huge," Michael Ryan, a finance expert and the founder of michaelryanmoney.com, told Newsweek.

"Sure, the savings on any one purchase might not seem earth-shattering. But for cash-strapped families looking to make this a summer to remember, those tax breaks really add up."

The events include music shows, sports games as well as festivals. Under this proposal, the governor is hoping that residents will be able to enjoy Florida's natural resources and summer activities during this season.

"Florida's 175 award-winning state parks are second to none," Department of Environmental Protection Secretary Shawn Hamilton said. "I encourage all of Florida's residents and visitors to take advantage of these extra savings and discover the unique experiences the real Florida has to offer."

In addition to the tax-exempt July month, DeSantis also waived admission fees to all Florida state parks during Memorial Day weekend, which runs from May 24 to May 27.

"It's a win-win because taxpayers get to save some money when buying supplies, and the loss of tax revenue to Florida will more than likely not add up to much, especially counting all of the tourism tax dollars that get brought into the state during the summer months," Alex Beene, a financial literacy instructor at the University of Tennessee at Martin, told Newsweek.

Ryan said he routinely has clients complain to him about the tricky balance of creating great memories during the summer without losing track of their financial goals.

"By making summertime so much more affordable, this Freedom Month gives parents a little more breathing room to say yes to their kids more often," Ryan said. "To me, that's the heart of this initiative."

The freedom month could also see a big boost financially for the state's outdoor activity businesses, and tourism could surge during this time.

"Waiving all those event admission taxes is a potential game-changer, too. Cheap tickets make it that much easier to go catch a baseball game, hit up a music festival, or just soak in some local culture," Ryan said. "Out-of-state visitors could really capitalize as well. Suddenly a Florida summer vacation looks even more attractive when the price tag gets trimmed down."

While critics of the measure have complained the loss in tax revenue will hurt the state in the long run, others believe Florida's move sets an example for other states.

"The feasibility largely depends on each state's unique economic situation and policy priorities," Ryan said. "Vacation hotspots and tourist magnets could be especially keen to replicate this success. But even if it's a Florida-only affair, giving residents a well-deserved summertime spending break seems like smart economics to me."