The Florida legislature passed a bill last week to provide a Florida sales tax exemption for certain manufacturing machinery and equipment permanent. The current sales tax exemption was due to expire this April.
The provision exempts from sales tax industrial machinery and equipment. This includes a manufacturer's tangible personal property or other property that has a depreciable life of three years or more and that is used as an integral part in the manufacturing, processing, compounding or production of property for sale.
The National Marine Manufacturers Association (NMMA) believes passage of the initial tax break was a priority for Florida Governor, Richard Lynn Scott.
For more information contact NMMA's Libby Yranski at firstname.lastname@example.org.