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Financial Services Law Insights and Observations

Florida issues executive order suspending the assessment and collection of taxation for notes and obligations under the CARES Act

State Issues Covid-19 Florida SBA CARES Act

State Issues

On April 6, the Florida governor issued an executive order suspending the assessment and collection of excise taxes on documents imposed pursuant to Chapter 201 of the Florida statutes for all notes and other written obligations made pursuant to Title I of the CARES Act (the Paycheck Protection Program). The Department of Revenue is directed to issue an emergency order establishing that taxation imposed under Chapter 201 on such notes and obligations is not owed as a result of the suspension.