Florida Senate, House reach agreement on the state budget

Florida state Senator Ben Albritton released a statement yesterday to announce that an agreement had been reached with the house regarding the stage budget.

The budget conference will begin on Tuesday, June 3, 2025. 

According to Sen. Albritton's memo, the negotiated agreement includes $2.25 billion in recurring revenue reductions. This will include the elimination of the business rent tax ($900 million), permanent sales tax exemptions targeted towards Florida families ($350 million), and debt reduction ($250 million). 

"We will also be taking up a joint resolution to amend the Florida Constitution to raise the cap on the Budget Stabilization Fund (BSF) from 10% to 25% and require an annual payment ($750 million) to the BSF until the cap has been reached," said Senator Albritton.

The $750 million will be held in reserve for the next two fiscal years and will be automatically transferred to the BSF upon adoption of the amendment. In total, the framework set forth in these allocations provides for a fiscally responsible, balanced budget that reduces state spending, lowers per capita spending, and reduces the growth of state bureaucracy. 

The memorandum also states that the budget authorizes early payoff of state debt, accounts for significant, broad-based tax relief, and builds on historic state reserves for emergencies. 

New reporting requirements throughout the budget will safeguard taxpayer dollars and improve accountability, transparency, and oversight of government spending. I appreciate everyone’s grace and patience during this time. I look forward to seeing you next week.

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The Source: This information came from a memorandum provided by Florida Senator Ben Albritton on May 30, 2025.

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