The Florida Senate has unanimously voted on a proposed amendment on the ballot that would cut property taxes on machinery, furniture and other tangible business personal property. The measure would immediately remove from the tax rolls any business accounts with $50,000 or less worth of personal property, which would ensure that the estimated $20 million in annual tax savings would go to smaller businesses. The proposal would also give cities and counties the ability to create larger such cuts in the future.
The measure was brought forward and made a priority by the National Federation of Independent Businesses, a trade group that represents small businesses. Larger business groups, like the Florida Chamber of Commerce and the Manufacturers Association of Florida, also support the proposal as they see it as a way to get bigger personal property tax cuts in the future.