Florida: Tax Increase for Asphalt, July 2014
- Sales Tax Rate Changes
- Jun 27, 2014 | Gail Cole
The Florida Department of Revenue reminds that the indexed tax on asphalt is set to increase, effective July 1, 2014.
In Florida as in many states, the indexed tax rate is adjusted annually. The new rate of 73 cents per ton is for the period July 1, 2014 through June 30, 2015.
A reduced rate of tax is allowed for “manufactured asphalt used in public works projects of the federal government, and state and local governments.” For the period July 1, 2014-June 30, 2015, the reduced rate is 40% less than 73 cents per ton. Therefore, “[c]ontractors using manufactured asphalt under public works contracts owe 44 cents per ton on asphalt used in those projects.”
The Florida Department of Revenue per-ton tax rate announcement explains how to calculate use tax on asphalt manufactured by contractors for their own use, in addition to other details.
How does your business handle sales tax, in Florida and other states?