Florida Legislature reaches budget agreement
A memorandum from the Florida state Senate says lawmakers have agreed on a joint budget allocation with the House.
The budget conference is scheduled to begin Tuesday.
According to the statement, Senate President Ben Albritton says the negotiated agreement includes $2.25 billion in recurring revenue reductions, including the elimination of the business rent tax ($900 million), permanent sales tax exemptions targeted toward Florida families ($350 million), and debt reduction ($250 million).
Albritton says lawmakers will also make joint resolution to amend the Florida Constitution to raise the cap on the Budget Stabilization Fund from 10% to 25% and require an annual payment of $750 million into the fund until the cap has been reached. The $750 million will be held in reserve for the next two fiscal years and will be automatically transferred to the Budget Stabilization Fund upon adoption of the amendment, he said.
The memo continues: 'In total, the framework set forth in these allocations provides for a fiscally responsible, balanced budget that reduces state spending, lowers per capita spending, and reduces the growth of state bureaucracy. The budget authorizes early payoff of state debt, accounts for significant, broad-based tax relief, and builds on historic state reserves for emergencies. New reporting requirements throughout the budget will safeguard taxpayer dollars and improve accountability, transparency, and oversight of government spending.'
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