Florida's Tangible Personal Property tax applies to business assets like machinery and equipment, distinct from real property tax. Established by Amendment 1 in 2008, it includes a $25,000 exemption. The tax is based on the original value of items, with a current rate of 7%. Business groups, including the First Coast Manufacturers Association, advocate for tax cuts, citing it discourages investment and drives companies away. Suggestions for reform include adopting a federal depreciation scale and immediate value reductions for long-term businesses.
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