TALLAHASSEE, FL. (WTXL) - Florida retailers are expecting to see a 5% increase in sales this holiday shopping season.
A positive economy is leading to a record number of tourists visiting Florida each year creating more jobs and more discretionary income among residents.
Roughly one-third of all retail sales occur during the holiday shopping season.
According to Florida TaxWatch, 75% of general revenue used in the state's budget comes from sales tax.
Economist Jerry Parrish says, the increase in spending is good for the state but the state is still missing out on a lot of revenue, due to an internet sales tax loophole.
"Our sales tax collections are going up. however, if everybody was paying what they should be paying, certainly what is due, we would have more money to fund schools, to do other government programs and to help more Floridians."
Companies that do not have an office in Florida generally don't collect sales tax on internet transactions. By law, customers are still required to submit the tax to the state, but very few do.
