Florida Senate - 2011                              CS for SB 384
       
       
       
       By the Committee on Community Affairs; and Senator Bogdanoff
       
       
       
       
       578-02785-11                                           2011384c1
    1                        A bill to be entitled                      
    2         An act relating to tangible personal property
    3         taxation; providing definitions; authorizing
    4         collection of a tangible personal property tax
    5         recovery fee by a person engaging in the business of
    6         renting or leasing heavy equipment; providing
    7         requirements for collection, retention, and
    8         reimbursement of the recovery fee; providing an
    9         effective date.
   10  
   11  Be It Enacted by the Legislature of the State of Florida:
   12  
   13         Section 1. Heavy equipment rental; tangible personal
   14  property tax recovery fee.—
   15         (1) As used in this section, the term:
   16         (a) “Heavy equipment” means industrial or construction
   17  equipment, including, but not limited to, equipment described in
   18  the North American Industry Classification System (NAICS) Code
   19  532412 as published in 2007 by the Office of Management and
   20  Budget within the Executive Office of the President of the
   21  United States.
   22         (b) “Lessee” means the person who rents or leases the heavy
   23  equipment.
   24         (c) “Short-term rental agreement” means a lease or rental
   25  agreement having a term of less than 365 days or an at-will
   26  contract that does not specify a term. However, the term “short
   27  term rental agreement” does not include any extension or renewal
   28  of a lease or rental agreement having an original term of 365
   29  days or more.
   30         (2) For the purpose of recovering the tangible personal
   31  property tax imposed on heavy equipment, a person engaging in
   32  the business of leasing or renting heavy equipment may collect a
   33  recovery fee in an amount equal to 2 percent of the total rental
   34  transaction fee generated in each county of operation. The
   35  recovery fee may be collected and retained after payment of the
   36  personal property tax assessed for the previous year only if:
   37         (a) The heavy equipment is subject to a short-term rental
   38  agreement that discloses the amount and purpose for the
   39  collection of the recovery fee; and
   40         (b) The person engaging in the business of renting or
   41  leasing heavy equipment may not seek additional recoupment of
   42  the recovery fee for the current year if the actual recovery fee
   43  collected in the current year exceeds the tangible personal
   44  property tax paid in the prior year.
   45  
   46  If, during the current year, the recovery fee collected by the
   47  person engaging in the business of renting or leasing heavy
   48  equipment exceeds the tax paid in the prior year, the excess
   49  recovery fee amount collected shall be applied to reduce the
   50  following year’s recovery fee recoupment by that amount.
   51         Section 2. This act shall take effect July 1, 2011.