Governor Ron DeSantis signed a tax relief package Tuesday, focusing on providing Floridian taxpayers with approximately $1.5 billion in savings this fiscal year. The bill, known as House Bill 7073, includes cuts and various incentives designed to alleviate financial pressures on residents and businesses across the state. According to Gov. DeSantis, the new tax relief measures area direct response to the current economic challenges and inflationary pressures influenced by federal policies. “This tax relief package will provide much needed relief for Florida’s families, especially as the D.C. political class shows no signs of reversing course on the inflationary policies of the federal government,” said the Florida governor in the press release. Key components of the tax relief package include a mandatory 1.75% discount on residential property police premiums provided by insurance companies and an increase in tax breaks for businesses that contribute to children’s charities. The package would also support homeowners by providing a one-year exemption on taxes for residential property and flood insurance premiums. The bill will provide Floridians with several tax holidays, allowing residents to purchase various items–from disaster preparedness supplies to school essentials–without paying taxes. These holidays will coincide with hurricane season preparation and the back-to-school period. For more detailed information on the specifics and impacts of the bill, interested readers can access the full press release here.