This bill seeks to prohibit the levying of ad valorem taxes on tangible personal property by counties, school districts, and municipalities in Florida, aligning with proposed amendments to the State Constitution. It amends several sections of Florida Statutes, including ss. 166.131, 166.211, and 192.001, by removing references to tangible personal property in the context of ad valorem taxation. Key deletions include the elimination of definitions and provisions related to tangible personal property assessments, tax returns, and taxpayer rights concerning these taxes. The bill also repeals multiple sections that pertain to the assessment and filing of tangible personal property tax returns, aiming to simplify the tax code and potentially reduce the tax burden on individuals and businesses.

Additionally, the bill introduces a tax exemption for building materials used in the construction of affordable housing units, allowing owners to receive refunds for previously paid taxes on these materials. To qualify, owners must submit an application to the Department of Commerce with specific documentation. The bill sets a minimum refund threshold of $500 and a maximum limit of either $5,000 or 97.5% of the sales tax paid, whichever is lesser. It also establishes that the collection of ad valorem taxes on tangible personal property will continue under existing law until January 1, 2027, despite the proposed changes, and the act will take effect contingent upon the approval of a related constitutional amendment.

Statutes affected:
S 552 Filed: 166.131, 166.211, 192.032, 192.042, 192.091, 193.016, 193.062, 193.063, 193.073, 194.011, 194.013, 194.034, 194.037, 195.027, 195.073, 195.101, 196.011, 196.012, 196.021, 196.182, 196.183, 196.192, 196.19782, 197.146, 197.343, 197.374, 197.412, 200.065