Home | State Tax Profiles | Tax Calendar | Locations | POER Connect Login | Client Connect Login

Florida Business Tax Break Goes Before Voters

by William C. Coleman III, Orlando, April 2012

A proposed constitutional amendment to provide added tax exemptions on business personal property will be on Florida's statewide ballot in November. It must get 60% voter approval to become law.

 

The Florida Senate unanimously passed HJR 1003 after the House approved the measure by a 112-2 margin.

 

The joint resolution offers a larger tax exemption on machinery, equipment, furniture and other tangible business personal property. Under current law, the first $25,000 of a company's total personal property is tax exempt. The amendment expands the exemption to $50,000.

 

The proposal also allows counties and municipalities to hold their own referendums to offer additional property tax relief.

 

If it passes, state economists say HJR 1003 could save businesses statewide more than $20 million a year. The measure has the support of the Florida Chamber of Commerce, the Manufacturers Association of Florida and Gov. Rick Scott.