In an effort to encourage growth in manufacturing companies, Florida Governor Rick Scott has announced that he plans on working towards completely eliminating taxes on the purchase of equipment used in manufacturing. Prior to January 1, 2013, manufacturers were required to demonstrate that they were meeting a 10% “productive output” requirement in order to receive a sales tax exemption on purchases of equipment. This requirement was later reduced to 5% during the 2012 legislative session. Governor Scott hopes that by eliminating the productive output requirement and allowing all manufacturing equipment to be purchased exempt from tax, manufacturing companies will be able to hire more employees and thus build up the manufacturing sector in Florida.
For more information please visit: http://www.flgov.com/2013/01/09/gov-scott-we-are-building-up-florida-manufacturing-jobs/