SALT Report 1265 – Florida Governor Rick Scott announced his 2012-2013 budget recommendations, which includes the following small business tax reforms.
Manufacturing Sales Tax Exemptions
Governor Scott proposes lowering the threshold for the sales tax exemption for industrial machinery and equipment purchased for use in an expanding manufacturing facility or plant. Currently, items purchased that are used to increase the productive output of the expanded business by 10% are exempt however, if passed the threshold would be lowered to 5%.
Tangible Personal Property Tax Exemption
Governor Scott proposes expanding the tangible personal property tax exemption for businesses with tangible personal property valued at less than $25,000 to businesses with tangible personal property valued at less than $50,000.
Business Tax Exemptions
Governor Scott proposes increasing the business tax exemption from $25,000 to $50,000, thereby eliminating tax liability for more than 25% of those who pay it and reducing taxes by about $25 million for all taxpayers.
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