Fifth in a series
Amendment 10 would reduce the tangible personal property taxes in Florida by doubling, from $25,000 to $50,000, the tax exemption and allowing local governments to increase the exemption even more. The amendment would:
Help 150,000 small businesses in Florida by increasing tax exemptions for investing in tangible property like office equipment, furniture, machinery, etc.
Provide a direct economic benefit by eliminating the costs and hassles of accounting for, and calculating, complicated depreciation and present value.
Enable local governments to offer additional tax relief by ordinance, giving them a carrot to attract new jobs and more investment in their areas.
Florida charges a property tax on tangible property. This amendment would allow a taxpayer with less than $50,000 of TPP to owe no taxes, thereby saving small businesses over $20 million annually. Taxpayers with TPP of more than $50,000 would still only be able to qualify for the current $25,000 exemption. Florida TaxWatch says this is why the new, larger exemption would be mostly limited to small businesses, although larger businesses with multiple property accounts could potentially qualify.
TaxWatch also found that reducing TPP taxes could significantly promote job creation and capital investment in Florida. Even better, the Qualified Targeted Industries that Florida most wants to attract are also “not captive, and taxes play a big role in their location decisions.
Because this amendment would encourage small businesses to expand payrolls and add jobs, taxes paid by the newly hired would likely offset any revenue decreases lost through enacting Amendments 4 and 10.
Let’s not forget that hard-working and enterprising entrepreneurs, those who incur the risks of running businesses, especially deserve tax breaks.
Vote Yes on Amendment 10 if you want to help small businesses, which generate more new jobs in the Florida economy than large businesses.
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