Measure would let Florida voters decide on key change to tangible personal property tax
NFIB State Director Bill Herrle today called on the state Senate to pass HJR 7075, a measure that could double the tangible personal property (TPP) tax exemption from $25,000 a year to $50,000. If passed by the House and Senate, the resolution would go before Florida voters in November.
“The tangible personal property tax is patently unfair,” Herrle said. “Small businesses pay taxes when they buy office furniture and the like, then they’re taxed again, year after year, for things they already own. Imagine paying a sales tax when you buy a kitchen table and then having to file paperwork saying you still own that table and pay more taxes on that table each and every year until it finally wears out or you replace it.
“For small businesses, the compliance cost can easily reach several hundred dollars to pay a tax that amounts to maybe $10 or $20 a year. The cost can be even higher for larger businesses. That’s especially troublesome as inflation continues to drive up the cost of running a business.
“That’s why we’re urging the Senate to pass HJR 7075 and let the voters decide whether we can afford to place this financial burden on Main Street businesses.”
