Leases less than $250 per year

From the 2024 DOR Tax Exemption Study

82.29A.130(8) - Leases less than $250 per year Description Leases of public property are exempt from leasehold tax if the total annual rent is less than $250. Purpose The $250 annual threshold supports small businesses and provides administrative convenience for lessees and lessors. Taxpayer ($ in millions): savings FY 2024 FY 2025 FY 2026 FY 2027 State Taxes Minimal Minimal Minimal Minimal Local Taxes Minimal Minimal Minimal Minimal Repeal of Repealing this exemption would increase revenues. exemption Potential ($ in millions): revenue gains FY 2024 FY 2025 FY 2026 FY 2027 from full repeal State Taxes $0.000 Minimal Minimal Minimal Local Taxes $0.000 Minimal Minimal Minimal Assumptions - This repeal takes effect July 1, 2024, and impacts nine months of collections in fiscal year 2025. - Growth rate mirrors the leasehold excise tax growth rate in the Economic and Review Forecast Council's March 2023 forecast. Data Sources - Department of Revenue, Leasehold excise tax data - Economic and Revenue Forecast Council, March 2023 forecast Additional Additional Information Information Category: Business Year Enacted: 1976 Primary Beneficiaries: Qualifying lessees Taxpayer Count: Unknown Pr