Bill Summary

by Finance & Tax Committee, Precourt, Albritton, Grant (J) (RESIGNED), Workman, Smith (J), Roberson , Crisafulli Co Sponsors: Abruzzo, Baxley, Brandes, Burgin, Dorworth, Holder, Hukill, Ingram, Plakon, Harrison, Steube

Economic Development: Provides exemption from intangible tax for lessees performing governmental, municipal, or public purpose or function; establishes funding source for H. Lee Moffitt Cancer Center & Research Institute from portion of cigarette tax collections; establishes purposes for which funding to H. Lee Moffitt Cancer Center & Research Institute may be used; revises excise tax rates levied upon each ton of phosphate rock severed; defines term "mature field recovery oil" & applies to such oil tiered severance tax rates applicable to tertiary oil; provides exemption from tax on sales, use, & other transactions for electricity used by packinghouses; expands exemptions from sales & use tax on labor, parts, & equipment used in repairs of certain aircraft; provides exemption from tax on sales, use, & other transactions for sale or lease of accessible taxicabs; revises eligibility criteria for tax credits under Urban High-Crime Area Job Tax Credit Program; increases amount of income that is exempt from franchise tax imposed on banks & savings associations, etc. Effective Date: July 1, 2012

   S Budget Subcommittee on Finance and Tax
   S Budget