House Bill 1277 proposes significant changes to the taxation of tangible personal property in Florida, specifically prohibiting counties, school districts, and municipalities from levying ad valorem taxes on such property. The bill amends various sections of the Florida Statutes, including the repeal of sections related to the assessment of tangible personal property, such as s. 193.016 and s. 193.063. It also removes references to "tangible personal property" in sections that previously allowed for taxation, ensuring that definitions and provisions across statutes are consistent with this new prohibition. Additionally, the bill introduces a new requirement for the Department of Revenue to withhold state funds from entities that do not comply with the assessment laws.

Furthermore, the bill enhances affordable housing initiatives by providing tax exemptions for building materials used in the construction of affordable housing and mixed-use projects, with specific criteria for eligibility. It defines "mixed-use project" and outlines the application process for tax refunds on previously paid taxes for building materials. The bill also establishes that the tax exemption will apply to new construction in designated rural areas and affordable housing developments, with a focus on low- and moderate-income housing. Notably, while the bill proposes changes to the taxation of tangible personal property, it allows for the continued collection of such taxes under existing law until January 1, 2027.

Statutes affected:
H 1277 Filed: 166.131, 166.211, 192.032, 192.042, 192.091, 193.016, 193.062, 194.011, 194.013, 194.034, 194.037, 195.027, 195.073, 195.101, 196.011, 196.012, 196.192, 196.19782, 197.343, 197.374, 200.065