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Florida Tax Legislation Provides a Hodgepodge of Tax Breaks Totaling Over $400 Million

July 7, 2015 Business & Tax Blog Florida Tax

Florida House Bill 33, which was enacted just a few weeks ago, provides a number of tax cuts and incentives. The bill’s key provisions include:

  1. A $60,000 cap on the amount of sales tax paid on repairs of a vessel, which would apply to a repair costing in excess of $1 million;
  2. An expansion of the number of sales tax exemptions for agricultural equipment, including aquacultural products and feed for aquacultural products, storage, equipment, irrigation equipment, trailers, and plant stakes;
  3. Changed the corporate income tax credit program from a first-come-first-served basis to a prorated credit and limited the target industries allowed to claim the credit;
  4. An additional $14 million for the corporate income tax research and development tax credit program in 2016;
  5. A sales tax exemption on admissions for gun club memberships;
  6. An extension of the community contribution tax credit programs to June 30, 2018, and a $3 million increase in the tax credit cap for housing projects;
  7. An additional $16.6 million to be spent in fiscal year 2015-2016 on the brownfields tax credit program;
  8. A 1.73% Communications Services Tax reduction, which went into effect July 1; and
  9. A 10-day back-to-school sales tax holiday from August 7 through August 16.

Michael J. Wilson