Friday, March 9, 2012

Legislature puts business-property tax cut on ballot

If it frustrated you that your had to pay a "tangible personal property tax" on items that you have already paid tax on, it looks like you may be able to relax.  Please read below, or click thru to the Orlando Sentinel Story.


TALLAHASSEE, Fla. – March 9, 2012 – A tax cut to help small businesses immediately – and larger ones down the road – will go before Florida voters this fall.

The Florida Senate voted 40-0 on Thursday afternoon to put a proposed constitutional amendment on the ballot that would cut property taxes on machinery, furniture and other business equipment known as “tangible personal property.”

The measure would immediately remove from the tax rolls any accounts with $50,000 or less worth of tangible property. That would ensure much of the estimated $20 million in annual tax savings would go to smaller businesses, though larger firms that have multiple tangible-property accounts – some of which might have less than $50,000 worth of property in them – would also save some.

Perhaps more significantly in the long term, the proposed amendment would give cities and counties the authority to create even larger tangible-property tax cuts in the future.

The measure was a priority of Republican Gov. Rick Scott and the National Federation of Independent Business, a trade group that represents small businesses. But it was also supported by larger business groups, such as the Florida Chamber of Commerce and the Manufacturers Association of Florida, which see it as a way to get bigger tangible-property tax cuts in the future.

The proposal, which was sponsored in the House by Republican Rep. Eric Eisnaugle of Orlando, would have originally given the Legislature the authority to set even bigger tax breaks. But local governments balked and it was rewritten to give that power to cities and counties instead.,0,3841485.story