FTC4- Relating to Taxation
On Wednesday, February 3rd, FTC4, relating to Taxation, by the House Finance & Tax Committee was heard in the House Finance & Tax Committee and passed with 11 yeas and 0 nays. AIF’s Brewster Bevis spoke in support of this tax package as it includes many of AIF’s top priorities for the 2016 Session.
FTC4 aims to cut taxes in the state of Florida for the 2016-2017 fiscal year by a grand total of $991.7 million. Much like last year’s House tax package, this legislation will encompass some of our top taxation priorities that are of the utmost importance to our member, such as: the permanent reduction of the business rent tax from 6% to 5% beginning January 1, 2017, with an additional percent reduction to 4% in the calendar year 2018 only; makes sales tax exemptions for certain manufacturing machinery and equipment purchased by any eligible manufacturing businesses permanent; and provides a ten-day “back-to-school” holiday for clothing, footwear, school supplies and computers; a one-day “technology” sales holiday on computers and related accessories; and a one-day “small business” holiday for sales by small businesses.
As of Thursday, February 4th, FTC4 was officially filed as HB 7099.
This tax package will now head to the House floor for consideration.
AIF supports tax cuts for Florida’s consumers and businesses.
Below is a statement attributed to Brewster Bevis on the House Tax package, released Wednesday, February 3rd:
AIF Statement Applauding the Passage of the House Tax Package
by the House Finance & Tax Committee
Florida’s Leading Business Advocate Lauds Repeal of
Manufacturing Equipment Sales Tax & Commercial Lease Tax
Tallahassee, Fla. – The Associated Industries of Florida (AIF) today released the following statement attributed to its Senior Vice President of State and Federal Affairs Brewster Bevis regarding the passage of the House tax package by the House Finance and Tax Committee. AIF lauds the inclusion of language to repeal the manufacturing equipment sales tax and the commercial lease tax.
“AIF applauds the House for passing a business-friendly tax package out of the House Finance & Tax Committee today.
“As Florida’s leader in manufacturing and Florida’s affiliate for the National Association of Manufacturers, AIF is pleased that members recognize the importance of permanently eliminating the sales tax imposed on the purchase of manufacturing equipment and machinery. Not only will this tax exemption help elevate manufacturing in Florida, it will help diversify our economy and grow our job base.
“AIF is also pleased that the House included language in its tax package that reduces the business rent tax. This tax reduction will bolster our economy and make Florida a more attractive place to do business.
“We thank Chairman Matt Gaetz and members of the House for supporting these pro-growth and business-friendly measures.”
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