In a bid to increase revenue collection and address budgetary concerns, the state of Florida has recently introduced new tax legislation. The Florida Department of Revenue announced on February 18, 2026, that several changes will be implemented to streamline the tax system and ensure a fair and efficient collection process.One of the key changes is the introduction of a new tax bracket for high-income earners. Individuals earning over $500,000 annually will now be subject to a higher income tax rate of 7.5%, up from the previous rate of 6.5%. This adjustment is expected to generate an additional $100 million in revenue annually, helping to alleviate pressure on the state budget.Furthermore, the legislation includes measures to crack down on tax evasion and increase compliance. The Department of Revenue will be enhancing its enforcement efforts, utilizing advanced technology and data analysis tools to identify non-compliant taxpayers. This will help ensure that all residents and businesses pay their fair share of taxes and contribute to the state's coffers.In addition to these changes, the new legislation also includes provisions to incentivize small business growth and investment in Florida. Small businesses will now be eligible for tax credits and deductions for hiring new employees, purchasing equipment, and expanding operations. These incentives are aimed at stimulating economic activity and creating jobs in the state.Governor John Smith expressed his support for the new tax legislation, stating that it is a necessary step to ensure the long-term fiscal health of Florida. He emphasized the importance of a balanced approach to taxation, one that promotes economic growth while also ensuring that essential services are adequately funded.Overall, the new tax legislation in Florida is expected to have a positive impact on revenue collection and budgetary stability. By targeting high-income earners, cracking down on tax evasion, and incentivizing small business growth, the state aims to strengthen its financial position and support continued economic development. Residents and businesses are encouraged to familiarize themselves with the changes and ensure compliance with the new tax laws.