Proposed Florida $120M Tax Package: Sales Tax Highlights
- Sales Tax News
- Mar 8, 2012 | Will Frei
A proposed tax package revealed by the Florida Senate during a late-session committee meeting yesterday contains $120 million in tax breaks for various Florida entities and industries. This blog highlights the sales tax exemptions proposed in the package.
- All forms of "liquefied petroleum gases," including butane, propane and natural gas, when used exclusively by farm equipment
- Electricity used for processing agricultural products on a farm, or used in a packinghouse (must be separately metered)
- Repair and maintenance charges for aircraft over 2,000 pounds and rotary wing aircraft over 10,000 pounds
- Equipment used in aircraft repair for aircraft over 2,000 pounds and rotary wing aircraft over 10,300 pounds
- Items used in manufacturing aircraft and gas turbine engines
New Business Exemptions
- Industrial machinery and equipment purchased for exclusive use by new businesses "in spaceport activities"
- Industrial machinery and equipment purchased for new businesses that will sell tangible personal property at "fixed locations" in Florida
- Equipment must be purchased before the business begins"productive operations" (see bill for permit requirements)