Tax & Accounting Blog

Florida Economic Development Tax Exemption Modified

Blog, ONESOURCE, ONESOURCE Property Tax May 19, 2014

Under the economic development exemption, Florida law allows the governing authority of the municipality to grant up to a 100% exemption from city or county ad valorem taxation for improvements to real property and tangible personal property for a new business.

 Florida House Bill No. 7081 has been recently modified to provide that in order to qualify for this exemption, the improvements to real property must be made or the tangible personal property must be added or increased after approval by motion or resolution of the local governing body, subject to ordinance adoption, or on or after the day the ordinance is adopted. (L. 2014, H7081, effective 05/12/2014)