Florida Senate - 2010                                    SB 1170
       
       
       
       By Senator Altman
       
       
       
       
       24-00742A-10                                          20101170__
    1                        A bill to be entitled                      
    2         An act relating to tangible personal property taxes;
    3         authorizing a person who rents heavy equipment to
    4         collect a tangible personal property tax recovery fee;
    5         defining the term “heavy equipment”; providing an
    6         effective date.
    7  
    8  Be It Enacted by the Legislature of the State of Florida:
    9  
   10         Section 1. Heavy equipment rental; tangible personal
   11  property tax recovery fee.—A person who engages in the business
   12  of renting heavy equipment may collect a tangible personal
   13  property tax recovery fee on the rental of heavy equipment. The
   14  purpose of the fee is to allow the owner of the heavy equipment
   15  to recover the tangible personal property taxes imposed upon the
   16  equipment. The amount of the fee must be disclosed in the rental
   17  agreement and be based on the rental business’s estimate of the
   18  pro rata annual tangible personal property taxes that will be
   19  imposed on the equipment. The personal property tax recovery fee
   20  may not exceed the tangible personal property taxes imposed on
   21  the heavy equipment. For purposes of this section, the term
   22  “heavy equipment” means industrial or construction equipment and
   23  includes, but is not limited to, equipment described in North
   24  American Industry Classification System (NAICS) Code 532412, as
   25  published in 2007 by the Office of Management and Budget,
   26  Executive Office of the President.
   27         Section 2. This act shall take effect July 1, 2010.