What’s the best way to buy a home in Florida?
In an effort to ease pressure on homebuyers, Florida Gov.
Rick Scott has approved a bill that would allow a property to be taxed as an investment property, a tax deduction that has long been used by wealthy families and corporations to avoid the estate tax.
The measure, Senate Bill 1314, passed by a 26-14 vote on Tuesday.
The law would allow property owners who are not “self-employed” to deduct up to 10 percent of the value of their property as an interest expense, a form of “capital gains” that can be used to invest in other types of assets, such as real estate.
A property can only be a self-employed investment property if it meets certain requirements.
Florida’s estate tax is currently at $2.3 million, which is paid on the first $3,000 in assets.
For a single person, that means that if you make $50,000 a year, you could theoretically take home about $1,000.
Under the measure, property owners would not be allowed to deduct interest costs and property taxes on any interest they received on their investment properties, including real estate investments.
In order to qualify for this deduction, property owner must hold a qualifying position in a company or trade association that invests in real estate and is in a similar situation to a self and self-employment owner.
The legislation is not retroactive and would apply only to those who are actively involved in a real estate investment.
It would allow people to deduct the interest costs of a property even if they sell it at a later date.
The new law is expected to create a backlog of tax payments of up to $50 million for real estate investors, according to the Florida Tax Foundation, which has estimated the value at around $1.2 billion.
The Florida Tax Commission estimates that a $50 billion backlog will grow to $2 billion by the end of 2018.
The current backlog has grown to nearly $400 million.
“It is important that Florida residents are able to invest their retirement savings for retirement and avoid the burden of the estate and capital gains tax, especially in Florida, the most expensive state in the country for a home,” Florida Governor Rick Scott said in a statement.
Scott has previously said he will not sign the legislation.
He has also stated that he will veto the legislation if it passes the Senate.
The legislation was introduced in March.
The Associated Press contributed to this report.