Gov. Ron DeSantis on Friday signed the largest tax relief bill in Florida history, delivering $1.2 billion in savings to Floridians.

DeSantis signed HB 7071 into law, which includes permanent tax relief through a range of sales tax exemptions, corporate income tax credit expansions, and ad valorem tax and exemption provisions. They are expected to generate an additional $190 million in tax savings over two years and $140 million annually thereafter.

The new law also creates and expands 10 sales tax holidays, some of which go through 2023 and 2024.

“Florida’s economy has consistently outpaced the nation, but we are still fighting against inflationary policies imposed on us by the Biden administration,” Gov. DeSantis said. “In Florida, we are going to support our residents and help them afford the goods that they need. Florida has been fiscally responsible, so we are in a good position to provide meaningful relief for families, right now.”

“The largest middle-class tax relief package in the history of the state,” was needed, Speaker Chris Sprowls said, because of “reckless federal spending [that] sent inflation rates spiraling higher than we’ve seen in generations.” Worsening economic conditions are impacting Floridians, he said, and paying less or no state taxes on some items should help.