TALLAHASSEE, Fla. \u2013 The Florida GOP came out on Monday to officially endorse two amendments that will go before voters during the general election later this year.<\/p>\n
In a release, party officials backed the proposals \u2014 Amendment 1<\/a> and Amendment 3<\/a> \u2014 which are set to go on the ballot on Nov. 3.<\/p>\n Amendment 3 aims to implement massive property tax cuts for homeowners across the state, and the proposal has been similarly touted by Gov. Ron DeSantis.<\/p>\n [RELATED: Is Florida\u2019s Amendment 3 a tax cut or a time bomb?]<\/p>\n However, DeSantis broke with the party when it came to Amendment 1.<\/p>\n The proposal would change the state constitution to increase the amount of funds that can be retained in the budget stabilization fund (BSF).<\/p>\n WHAT DOES AMENDMENT 1 ACTUALLY DO?<\/p>\n The BSF was established in 1992, and it can be used to:<\/p>\n Offset a deficit in the general revenue fund<\/p>\n Provide funding for an emergency declared by the governor<\/p>\n Meet temporary cash-flow deficiencies<\/p>\n Typically, the amount of funds that can be kept in the BSF is capped at 10% of general revenue collections. However, Amendment 1 bumps that up to 25%.<\/p>\n It would also require annual deposits of up to $750 million until that level is reached, while still allowing withdrawals for revenue shortfalls, emergencies and certain critical state needs. <\/p>\n \u201cAmendment 1 keep Florida prepared for storms, emergencies, and downturns without raising taxes,\u201d Florida GOP Chairman Evan Power said. <\/p>\n WHY IS DESANTIS AGAINST IT?<\/p>\n After the Florida GOP announced its endorsement, DeSantis took to X, declaring the proposal \u201cfoolish.\u201d<\/p>\n \u201cWe already have a maxed out rainy day fund and have run the largest surpluses in state history,\u201d he wrote. \u201cAny additional revenue should be used for lower taxes, including assisting local governments with grants so that homestead properties can be exempt from local property tax.\u201d<\/p>\n DeSantis also said that extra revenue could be used to remove tolls \u201conce the property tax issue is settled.\u201d<\/p>\n This is a foolish constitutional amendment proposal. We already have a maxed out rainy day fund and have run the largest surpluses in state history.<\/p>\n Any additional revenue should be used for lower taxes, including assisting local governments with grants so that homestead\u2026 https:\/\/t.co\/umP260lF1A<\/a><\/p>\n