U.S. Senate extends ability of Floridians to deduct sales and property taxes
WASHINGTON – October 03, 2008 – (RealEstateRama) — U.S. Senator Mel Martinez (R-FL) today announced that the U.S. Senate has extended the ability of Floridians to deduct sales tax and property tax from their federal income tax returns. The Senate approved the extensions as part of the Tax Extenders provision in the Financial Rescue Package sent to the U.S. House of Representatives for approval.
“These extensions ensure that Floridians will continue to receive the deductions permitted under our state’s revenue structure,” said Martinez. “The sales tax exemption allows Floridians to deduct the sales tax they pay from their federal income tax. The property tax exemption allows non-itemizers to deduct property tax just like itemizers can currently.”
The exemption extensions are good for the tax years 2008 and 2009. Senator Martinez encouraged his colleagues to make the exemptions permanent. The measure also includes the Alternative Minimum Tax (AMT) fix – an adjustment to the tax code that protects 20 million Americans from seeing their taxes rise by an average $2,000.
