Florida business group asks BP for $25 million sales tax holiday
The Florida Retail Federation announced today that it wants BP to pay for seven weekend-long sales tax holidays leading up to its peak summer tourist season. The retailers said it would cost about $25 million to have one Friday-Sunday holiday each month and would drive more shoppers to their area than a half-off-everything sale.
"The psychology of a sales tax holiday is something I cannot explain," said Rick McAlister, head of the retail group.
A study from Florida TaxWatch released today shows Northwest Florida was outpacing the rest of the state in taxable sales growth for 17 consecutive months until the Deepwater Horizon oil rig exploded.
From May to September, TaxWatch estimates the region lost $454 million in gross sales while the state lost $14.3 million in sales tax collections.