On May 17, 2013 Governor Rick Scott signed into law one of the main agenda goals of his term in office. Specifically, Sec. 212.08(7)(kkk), Florida Statutes (F.S.), was enacted to allow a 100% exemption for machinery and equipment purchased for the use in Florida based manufacturing and processing companies. A simply exemption certificate can be supplied to the vender selling the equipment and no sales or use taxes are theoretically due. If your company or your clients are in the manufacturing industry, then this is a huge win. However, there are a few nuances of the law to which you should pay attention. For example, by the terms of the law, the exemption will expire on April 30, 2017 if not extended.
For more on these nuances as well as the full text of the new law go to article by James H Sutton Jr CPA Esq.
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