by Amy Keller
Updated 5 yearss ago
Main Sponsors: Sen. Nancy Detert (R-Venice) and Rep. Eric Eisnaugle (R-Orlando)
Title: Tangible Personal Property Tax Exemption
What It Does: Creates an additional exemption on tangible personal property valued at more than $25,000 but less than $50,000. It also authorizes counties and municipalities to provide additional exemptions by ordinance.
Background: In Florida, businesses are required to pay taxes on machinery, office furniture, computer equipment and other items of “tangible personal property” that they own. The measure would increase the existing tax exemption from $25,000 to $50,000. About 150,000 businesses would benefit.
Proponents: NFIB Florida; Gov. Rick Scott; Florida Chamber of Commerce; Associated Industries of Florida; Manufacturers Association of Florida; Florida League of Cities; Florida Association of Counties. The amendment passed 40-0 in the Senate and 112-2 in the House.
Opponents: Democratic Progressive Caucus of Florida
Budget Impact: Beginning in fiscal year 2013-14, it will cost local governments $20.1 million