Scott approved the bill even though state legislators gave the Republican governor far less than what he had initially asked for in January.
"Every time we cut taxes, we are encouraging businesses of all sizes to create opportunities for families across the state and more money is put back in taxpayers' pockets," said Scott in a statement.
The tax cut package creates a three-day "back-to-school" tax holiday in August where residents can purchase tax-free clothes that cost $60 or less. The tax holiday, which will be held Aug. 4 through Aug. 6, will also cover school supplies costing $15 or less and computers that cost $750 or less.
There will also be a three-day period during the first weekend in June to allow residents to purchase storm preparation supplies tax-free. Batteries, flashlights, portable generators costing $750 or less are on the list of items that will be exempt from Florida's 6 percent sales tax.