Florida Lawmakers Approve $115.1 Billion Budget With $3.8 Billion Cut, $1.3 Billion Tax Cut, $580 Million Debt Payment
After more than a month of delays and extended negotiations, Florida lawmakers approved a $115.1 billion state budget late Monday night, marking the close of one of the most contentious legislative sessions in recent history. The budget, passed 103-2 in the House and unanimously 34-0 in the Senate, comes 45 days past the original deadline and just two weeks before a potential government shutdown. This fiscal plan represents a $3.8 billion reduction, or a 3.2% decrease, from the previous year's spending. It includes nearly $560 million allocated for special projects and a $1.3 billion tax cut package, which, if signed by Governor Ron DeSantis, would make permanent changes to some sales tax holidays. Additionally, lawmakers approved a $580 million debt payment and established a recurring "Debt Reduction Program." The budget also sets aside a $750 million deposit into Florida's rainy-day fund, reflecting a more conservative spending approach. The tax cut package includes $1 million for a property tax study, pending the governor's approval. The final budget and related bills have yet to be sent to Governor DeSantis for his consideration.