Florida Manufacturers Get Permanent Tax Benefit
The Florida legislature passed a bill last week to make the Florida sales tax exemption for certain manufacturing machinery and equipment permanent. The current sales tax exemption was due to expire this April. Passage of the initial tax break was a priority for Governor Scott, making it likely he will sign the current bill. The provision exempts from sales tax “Industrial machinery and equipment,” which means tangible personal property or other property that has a depreciable life of 3 years or more and that is used as an integral part in the manufacturing, processing, compounding, or production of tangible personal property for sale. For more information please contact Libby Yranski, [email protected].