TALLAHASSEE, Fla. – As a result of a new law, sales and use tax collected from remote sales will be added to the Unemployment Compensation (UC) Trust Fund. In accordance with chapter 2021-2, Laws of Florida, the Department of Revenue will distribute sales tax collections from remote sales to the UC Trust Fund beginning in July 2021.
The Department will make three distributions, each in the amount of $324,533,334 to the UC Trust Fund. Beginning in July 2022, on or before the 25th day of each month, the Department will distribute $90 million into the UC Trust Fund until the trust fund’s ending balance exceeds $4,071,519,600 or on December 31, 2025, whichever comes first. As of December 2020, the UC Trust Fund had a balance of $866.1 million.
With this new law, Florida joins 43 other states in requiring remote sellers to collect sales and use tax, which will lessen the burden on purchasers for remitting the use tax to the State. Florida estimates collections will total approximately $1 billion in sales tax in the first year of implementation.
More information about sales and use tax is available here.
For more information please visit: floridarevenue.comflorida department of revenue