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CFO PATRONIS STATEMENT ON GOVERNOR’S SIGNATURE OF TAX CUT BILL

5/6/2022

For Immediate Release: Friday, May 6, 2022
Contact: Office of Communications, Communications@MyFloridaCFO.com, 850.413.2842
 
CFO PATRONIS STATEMENT ON GOVERNOR’S SIGNATURE OF TAX CUT BILL
~CFO Highlights $462 M Home Hardening Initiative to Help Fight Insurance Rate Increases~
 
TALLAHASSEE, Fla. - Today, Chief Financial Officer  (CFO) Jimmy Patronis issued the following statement on the Governor’s signature of HB 7071 related to Taxation. The tax cut bill includes the CFO’s priority “Home Hardening” initiative, which eliminates sales taxes on certain products for homeowners to “harden” their homes for storms. In many circumstances, the investments allow policyholders to mitigate, or even reduce, their homeowners insurance.
 
CFO Jimmy Patronis said, “With the Governor’s signature, policyholders across the state will gain another tool for reining in insurance rates. By providing homeowners a tax break on the purchase of items like impact resistant doors and windows, the Legislature is incentivizing people to make investments in their homes and better protect these assets from storms. This can benefit consumers’ insurance rates. It’s also another way that we can reduce exposure to Citizens Insurance and Florida’s CAT Fund. This is good policy at work and will give lawmakers good momentum as we enter a special session to fight premium increases.” 
 
Of the $1.1 billion in tax relief afforded by the tax cut legislation, the Home Hardening initiative makes up the largest portion of  tax relief at $462 million.
• Florida law requires insurance companies to extend premium discounts for projects associated with the Home Hardening measure.
• The bill (HB 7071) creates a two-year sales tax exemption from July 1, 2022, to June 30, 2024, on the retail sales of impact-resistant windows, doors, and garage doors.
• For more information explaining mandatory premium discounts, click AQUÍ.
• Consumers can also access the Florida Office of Insurance Regulation’s online-fillable premium discount form AQUÍ.
 
Insurance Consumer Advocate Tasha Carter said, "Florida's consumers are feeling the financial hurt of increased insurance rates. CFO Patronis' Home Hardening Initiative' empowers consumers to protect their home, in most cases their greatest asset, while offering financial relief. I applaud both the CFO and Governor DeSantis for prioritizing practical, impactful consumer protections."
 
The CFO also applauded Governor DeSantis for the gas tax cut to combat inflation.
 
The CFO continued, “The tax cut bill will also provide much needed relief to Florida families to combat the Biden Tax, otherwise known as inflation. The Biden Administration has pumped too much fake-money into the system, provided zero-leadership in addressing our nation’s supply chain challenges, and squashed many efforts at growing America’s domestic production of fuels. As a result, lower-and-middle-class families are paying 8.5% more for their normal day-to-day expenses. The $200 million gas tax cut is another way Governor Ron DeSantis is working to offset the damage that Washington has created.”
 
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About CFO Jimmy Patronis 
Chief Financial Officer and State Fire Marshal Jimmy Patronis is a statewide elected official and a member of Florida’s Cabinet who oversees the Department of Financial Services. El Oficial Principal de Finanzas Patronis trabaja todos los días para luchar contra el fraude de seguros, apoyar a los bomberos de la Florida y garantizar que las finanzas del estado sean estables para respaldar el crecimiento financiero del estado. Siga las actividades del departamento en Facebook (FLDFS) y Twitter (@FLDFS).