Latest news with #BudgetStabilizationFund
Yahoo
2 days ago
- Business
- Yahoo
Florida Senate, House reach agreement on the state budget
The Brief According to Sen. Albritton's memo, the negotiated agreement includes $2.25 billion in recurring revenue reductions. This will include the elimination of the business rent tax ($900 million), permanent sales tax exemptions targeted towards Florida families ($350 million), and debt reduction ($250 million). The budget conference will begin on Tuesday, June 3, 2025. TALLAHASSEE, Fla. - Florida state Senator Ben Albritton released a statement yesterday to announce that an agreement had been reached with the house regarding the stage budget. The budget conference will begin on Tuesday, June 3, 2025. According to Sen. Albritton's memo, the negotiated agreement includes $2.25 billion in recurring revenue reductions. This will include the elimination of the business rent tax ($900 million), permanent sales tax exemptions targeted towards Florida families ($350 million), and debt reduction ($250 million). "We will also be taking up a joint resolution to amend the Florida Constitution to raise the cap on the Budget Stabilization Fund (BSF) from 10% to 25% and require an annual payment ($750 million) to the BSF until the cap has been reached," said Senator Albritton. The $750 million will be held in reserve for the next two fiscal years and will be automatically transferred to the BSF upon adoption of the amendment. 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 memorandum also states that 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. I appreciate everyone's grace and patience during this time. I look forward to seeing you next week. STAY CONNECTED WITH FOX 35 ORLANDO: Download the FOX Local app for breaking news alerts, the latest news headlines Download the FOX 35 Storm Team Weather app for weather alerts & radar Sign up for FOX 35's daily newsletter for the latest morning headlines FOX Local:Stream FOX 35 newscasts, FOX 35 News+, Central Florida Eats on your smart TV The Source This information came from a memorandum provided by Florida Senator Ben Albritton on May 30, 2025.
Yahoo
3 days ago
- Business
- Yahoo
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.' Click here to download our free news, weather and smart TV apps. And click here to stream Channel 9 Eyewitness News live.
Yahoo
3 days ago
- Business
- Yahoo
With time running out, Florida's GOP-led Legislature forges budget deal
TALLAHASSEE, Florida — Florida legislative leaders said late Friday they have forged a budget deal that will guarantee $2.25 billion shifted into tax cuts and reserves while also establishing a path for legislators to avoid a potential shutdown of state government this summer. The agreement does not include a permanent reduction in the overall sales tax rate, which at one point had been a top priority of state House Speaker Daniel Perez but had come under fire by Gov. Ron DeSantis amid a bitter feud between Sunshine State Republicans. The deal announced late Friday by Perez and Senate President Ben Albritton is on top-line level spending levels that will be used to hammer out a final budget in June. In a memo to senators, Albritton said the plan is for lawmakers to start budget conference meetings Tuesday, with the goal to work over the next two weeks and vote out the budget no later than June 16. 'The framework set forth in these allocations provides for a fiscally responsible, balanced budget that reduces state spending, lowers per capital spending, and reduces the growth of state bureaucracy,' Albritton wrote. Albritton and Perez have been at odds for weeks over the size and scale of potential tax cuts, as well as a disagreement on how much spending should be authorized in the coming year. Perez had maintained that the Republican-controlled Legislature and DeSantis had spent too much the last several years. The state House and Senate on Friday evening did not release all the details of the proposed deal, including the amount of state tax dollars that will be allocated to specific areas such as the environment, health care and education. A spokesperson for Albritton said those numbers would be released Monday. But the agreement calls for the Legislature to reduce 'recurring revenue' by $2.25 billion including the elimination of sales tax charged on commercial leases and what is being billed as 'permanent sales tax exemptions targeted toward Florida families.' This was not explained further, but Albritton earlier in the year had proposed the permanent elimination of sales taxes on clothing and shoes valued at less than $75. The $2.25 billion, however, also includes $750 million for the state's main budget reserve while also setting aside $250 million a year to pay off outstanding debt — another top priority for DeSantis. Legislative leaders also announced that they would ask voters to increase the size of the Budget Stabilization Fund mandated in the state constitution. The fund is currently capped at 10 percent of the net revenue collected for the state's main budget account. Lawmakers want voters to increase the amount authorized for the fund to 25 percent and to require the state to set aside $750 million a year until that cap is reached. The proposed amendment would go on the November 2026 ballot. Perez and Albritton have promised to keep $1.5 billion in reserves over the next two years before the ballot measure goes before voters. During their regular 60-day session, the state House and Senate initially pushed out starkly different spending plans that had a $4.4 billion spending gap as the House proposed a massive $5 billion permanent reduction in the state's sales taxes. The session was supposed to end earlier in early May, but lawmakers were forced to extend it beyond the normal 60 days due to their budget disagreement. On what was supposed to be the final day of the session, Albritton and Perez said they had agreed to slash taxes by $2.8 billion, including a permanent reduction in the state sales tax rate. But that deal blew up after DeSantis threatened to veto the sales tax plan, saying it would undermine efforts to cut property taxes the governor has been championing. Albritton earlier this month stated in a memo that many senators were also concerned about the impacts of such a large cut. Perez reacted harshly, saying Albritton had broken his promise.
Politico
3 days ago
- Business
- Politico
With time running out, Florida's GOP-led Legislature forges budget deal
TALLAHASSEE, Florida — Florida legislative leaders said late Friday they have forged a budget deal that will guarantee $2.25 billion shifted into tax cuts and reserves while also establishing a path for legislators to avoid a potential shutdown of state government this summer. The agreement does not include a permanent reduction in the overall sales tax rate, which at one point had been a top priority of state House Speaker Daniel Perez but had come under fire by Gov. Ron DeSantis amid a bitter feud between Sunshine State Republicans. The deal announced late Friday by Perez and Senate President Ben Albritton is on top-line level spending levels that will be used to hammer out a final budget in June. In a memo to senators, Albritton said the plan is for lawmakers to start budget conference meetings Tuesday, with the goal to work over the next two weeks and vote out the budget no later than June 16. 'The framework set forth in these allocations provides for a fiscally responsible, balanced budget that reduces state spending, lowers per capital spending, and reduces the growth of state bureaucracy,' Albritton wrote. Albritton and Perez have been at odds for weeks over the size and scale of potential tax cuts, as well as a disagreement on how much spending should be authorized in the coming year. Perez had maintained that the Republican-controlled Legislature and DeSantis had spent too much the last several years. The state House and Senate on Friday evening did not release all the details of the proposed deal, including the amount of state tax dollars that will be allocated to specific areas such as the environment, health care and education. A spokesperson for Albritton said those numbers would be released Monday. But the agreement calls for the Legislature to reduce 'recurring revenue' by $2.25 billion including the elimination of sales tax charged on commercial leases and what is being billed as 'permanent sales tax exemptions targeted toward Florida families.' This was not explained further, but Albritton earlier in the year had proposed the permanent elimination of sales taxes on clothing and shoes valued at less than $75. The $2.25 billion, however, also includes $750 million for the state's main budget reserve while also setting aside $250 million a year to pay off outstanding debt — another top priority for DeSantis. Legislative leaders also announced that they would ask voters to increase the size of the Budget Stabilization Fund mandated in the state constitution. The fund is currently capped at 10 percent of the net revenue collected for the state's main budget account. Lawmakers want voters to increase the amount authorized for the fund to 25 percent and to require the state to set aside $750 million a year until that cap is reached. The proposed amendment would go on the November 2026 ballot. Perez and Albritton have promised to keep $1.5 billion in reserves over the next two years before the ballot measure goes before voters. During their regular 60-day session, the state House and Senate initially pushed out starkly different spending plans that had a $4.4 billion spending gap as the House proposed a massive $5 billion permanent reduction in the state's sales taxes. The session was supposed to end earlier in early May, but lawmakers were forced to extend it beyond the normal 60 days due to their budget disagreement. On what was supposed to be the final day of the session, Albritton and Perez said they had agreed to slash taxes by $2.8 billion, including a permanent reduction in the state sales tax rate. But that deal blew up after DeSantis threatened to veto the sales tax plan, saying it would undermine efforts to cut property taxes the governor has been championing. Albritton earlier this month stated in a memo that many senators were also concerned about the impacts of such a large cut. Perez reacted harshly, saying Albritton had broken his promise.
American Press
07-05-2025
- Business
- American Press
Teacher stipends survive committee, could be headed to House floor for a vote
By Nolan McKendry | The Center Square Louisiana lawmakers are moving forward this week with a more targeted version of the defeated Amendment 2, which voters rejected in March for being overly complex and far-reaching. On Monday, the House Civil Law and Procedure Committee advanced House Bill 678, a pared-down constitutional amendment that focuses solely on consolidating the state's two primary savings accounts and a companion bill that would fund $2,000 stipends for the state's teachers. HB678, which passed without objection, is a substitute for the original HB472 and is a central piece of lawmakers' effort to revive key elements of the failed 130-page rewrite of Article VII. The new version is significantly shorter — just five pages of actual bill language and three pages of digest — and is framed as a 'single-issue' measure. 'This particular amendment—of course when I first drafted it—it was still part of the Article VII rewrite, which was very, very lengthy,' Rep. Julie Emerson, R-Carencro, told the committee. 'But we always intended on making it smaller. I was just trying to meet the bill filing deadlines. In Ways and Means, we amended it down to just the fund combination.' The proposed amendment would merge the Budget Stabilization Fund (commonly known as the Rainy Day Fund) with the Revenue Stabilization Trust Fund, and repeal the latter. It would also eliminate current caps on mineral revenues flowing into the general fund, thereby potentially increasing recurring revenue for the state. 'If you remember in Amendment 2, we were combining our two savings accounts,' Emerson said. 'This is the statutory companion. This allows us to grow that fund to about $3 billion. It's a single issue. I would say pretty simple, but obviously, it's a little bit legal — talking about Revenue Stabilization and Budget Stabilization — but that is exactly what the language says we're doing.' The amendment proposes changes to several sections of Article VII of the state constitution and would go before voters on Nov. 3, 2026, a date chosen to coincide with a high-turnout election cycle. The measure is part of a broader effort to revive fiscal reforms contained in the failed March amendment, but this time through standalone bills to avoid overwhelming voters. A companion bill, HB473, which also passed committee without objection, would reallocate savings generated by HB678 to pay down the state's unfunded liabilities in the Teachers Retirement System of Louisiana. That move is intended to eventually fund $2,000 stipends for teachers —though those payments would not arrive until November 2026 at the earliest.
