News and Insights

Florida Legislature Passes Expanded Machinery and Equipment Exemption

Tax Development May 07, 2013

Florida has expanded its machinery and equipment exemption for manufacturing by the passage of House Bill 7007 (“H.B. 7007”). Governor Rick Scott is expected to sign the bill quickly. (Governor Scott sponsored the expansion of the credit as part of his economic development initiative for the state of Florida.) H.B. 7007 expands the machinery and equipment exemption to all manufacturing businesses in the state, not just those that will be increasing capacity or employment.

H.B. 7007 is a broad economic development bill specifically designed to create a review process for economic development initiatives. For a full text of the bill, or if you have any questions about the new exemption, please contact the Ryan Principals listed below.