Manufacturing Tax Cut Scheduled for Senate Vote

Manufacturing Tax Cut Scheduled for Senate Vote

Mar 09, 2016

On Friday, the Senate is scheduled to vote on HB 7099, a $400 million tax cut package that would permanently repeal the sales and use tax on manufacturing machinery and equipment.

The current temporary exemption is scheduled to sunset on April 30, 2017. Since the temporary exemption took effect on April 30, 2014, nearly 3,000 new manufacturing jobs have been created in the Tampa Bay region. A permanent exemption would encourage additional job creation, and create greater parity between Tampa Bay and its primary competition for new, high-impact manufacturing projects, which includes many Southeastern markets that do not assess an equivalent tax.

The Senate Appropriations Committee, chaired by Bay Area Legislative Delegation (BALD) member Senator Tom Lee, advanced an amended version of the original House bill earlier this month, which reduced the proposed amount of $1 billion, but retained this key component.

The Tampa Bay Partnership recognizes the Senate Appropriations committee, including Sen. Lee and BALD members Bill Galvano, Denise Grimsley, Arthenia Joyner, and Jack Latvala,for their leadership on the issue and urges all members to support this important legislation on Friday.