Florida House Speaker Daniel Perez said Wednesday he wants to lower the state's sales-tax rate, trimming revenue by almost $5 billion a year. The Miami Republican told House members he has directed Ways & Means Chairman Wyman Duggan to produce a bill next week that would lower the rate from 6% to 5.25%.

Florida’s House speaker said his chamber will recommend cutting the state’s sales tax from 6% to 5.25%, resulting in “the largest state tax cut in the history of Florida.” In a surprise announcement Wednesday, Speaker Daniel Perez, R-Miami, said cutting the state sales tax will save Floridians nearly $5 billion each year.

The change would need approval from the full Legislature and the governor. If adopted, it would save consumers money but likely lead to state spending cuts.