SB 142- Relating to Nonresidential Farm Buildings
On Monday, March 23rd, SB 142, relating to Nonresidential Farm Buildings, by Senator Charles Dean (R-Inverness), unanimously passed through the Senate Finance and Tax Committee with 8 yeas and 0 nays.
This bill would exempt nonresidential farm buildings, fences, and farm signs from assessments by local governments. The next and final stop for this bill is the Senate Appropriations Committee. AIF stood in support of this bill.
AIF supports lessoning the tax burden of Florida’s agriculture community.
SB 544- Relating to Exemption from the Sales and Use Tax for Certain Machinery and Equipment
On Monday, March 23rd, SB 544, relating to Exemption from the Sales and Use Tax for Certain Machinery and Equipment, by Senator Dorothy Hukill (R-Ocala) unanimously passed through the Senate Finance and Tax Committee with 5 yeas and 0 nays.
SB 544 removes the expiration date for the exemption from sales and use tax for certain industrial machinery and equipment. The current exemption for industrial machinery and equipment continues through April 2017. Therefore, the bill does not have a cash impact in Fiscal Years 2015-2016 or 2016-2017. The Revenue Estimating Conference has determined that the bill will reduce General Revenue receipts by $122.4 million in Fiscal Year 2017-2018, with a $122.4 million recurring impact. The bill will reduce local government revenue by $27.4 million in Fiscal Year 2017-2018, with a $27.4 million recurring impact. AIF stood in support of this bill.
AIF supports the removal of the three year sunset on the complete elimination of sales tax imposed on the purchase of manufacturing equipment and machinery.
SB 7014- Relating to Corporate Income Tax
On Thursday, March 26th, SB 7014, relating to Corporate Income Tax, by the Senate Finance and Tax Committee passed out the Senate Fiscal Policy Committee with a vote of 8 yeas and 0 nays.
This bill updates Florida’s Corporate Income Tax Code by adopting the Internal Revenue Code as in effect on January 1, 2015. SB 7014 will now move on to the Senate floor. AIF stood in support of this bill.
AIF supports continuing to phase out the corporate income tax.
