Governor Rick Scott today released the following statement on the passage of his priority legislation to remove the sales tax on machinery and equipment:
“I want to thank Representative MaryLynn Magar and the House committee members who voted for this bill to support Florida manufacturing jobs. Florida is one of the few states in the country that taxes manufacturing machinery and equipment today. As we compete against other states and countries for jobs, we need to make sure we are playing on a level field. This legislation will help us support Florida manufacturers and grow more jobs.”
The elimination of this tax will return $141 million annually to the hands of manufacturing companies that create jobs. This money can be spent on capital investments, expansion and job creation.
Florida’s 4.2 percent manufacturing employment figure put it at the bottom of its southeastern competitors, and at the bottom ten in the nation at 43rd. No other state in the southeastern United States ranks lower than Florida in manufacturing employment as a percentage of total employment or in percentage of gross state product that comes from manufacturing.
Following today’s passage, the bill will proceed to the House floor.
A fact sheet on HB 391, is available here.