Florida governor Ron DeSantis signed bills implementing the state’s $117.4 billion budget for fiscal year 2025-2026. Included in the budget was HB 7031 which permanently eliminates the sales tax on commercial leases beginning October 1, 2025. It is estimated that this will save Florida businesses approximately $900 million per year.

On July 1, 2025, the Senate narrowly passed its version of the “One Big Beautiful Bill,” with Vice President JD Vance casting the tie-breaking vote after an extended session. The bill now returns to the House for further review and possible amendments.

Keep More in Your Wallet – Shop Tax-Free Weekend July 25th- July 27th

This article highlights several key assurance considerations for construction companies and how they can support financial clarity and operational efficiency.

For calendar-year QOFs, June 30, 2025, is the first testing date to determine compliance with the 90% investment standard, commonly known as the 90% test.

The proposed Republican tax bill often referred to as the “One Big Beautiful Bill” has advanced significantly, with the House passing the legislation in late May 2025. The bill is now awaiting Senate consideration and possible modification before it could become law.