New sales tax exemption law for manufacturers is effective April 2014

August 26, 2013

On May 1, 2013 the Florida Legislature passed a new sales tax exemption law for manufacturers purchasing machinery and equipment that is effective April 2014. This allows manufacturers to invest more of their money in manufacturing machinery and equipment. By so doing they will be more competitive in the world marketplace and grow Florida’s manufacturing economy. Florida has made a significant investment in port and transportation infrastructure and career education. The missing piece was a show of confidence in an industry that can balance Florida’s economy, provide well-paying jobs and fill up those shipping containers. With passage of this measure, the circle is complete. Florida is the fourth largest manufacturing state in the U.S. in terms of establishments and 12th largest by employment. This measure will move Florida closer to the top in both of those categories. “To stay ahead of international competition and increase manufacturing production today, manufacturers must invest in advanced technology that requires more sophisticated machinery and equipment and higher skilled workers. This bill sets the stage for Florida’s manufacturers to purchase more equipment to beat the competition and ensure Florida’s manufacturing success. Not only is this important for growing the Florida manufacturing sector and manufacturing jobs, but for retaining manufacturing jobs,” said Al Stimac, President, Manufacturers Association of Florida. Florida is open for manufacturing business, and there is Room to Grow in Tampa Bay. Click here for a list of NAICS codes and the manufacturing sectors the exemption applies to:  http://www.mafmfg.com/associations/8948/files/NAICS%20Codes.pdf Source: http://srma.net/wp-content/uploads/2013/05/Legislation-Paves-the-Way-for-Manufacturing-Growth.pdf

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Jennifer Lachtara
Jennifer Lachtara
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