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CS/HJR 1003 — Tangible Personal Property Tax Exemptions

by Economic Affairs Committee and Rep. Eisnaugle (CS/SJR 1064 by Budget Subcommittee on Finance and Tax and Senators Detert and Gardiner)

This summary is provided for information only and does not represent the opinion of any Senator, Senate Officer, or Senate Office.

Prepared by: Community Affairs Committee (CA)

This joint resolution provides for a proposed constitutional amendment to be placed on the ballot at the November 2012 general election. The proposed amendment to Art. VII, s. 3, State Constitution, would grant an additional exemption for tangible personal property when property is assessed at more than $25,000, but less than $50,000. In addition, the proposed amendment would allow the Legislature to provide by general law that counties and municipalities may grant additional exemptions for tangible personal property by adopting an ordinance.

If adopted by the voters at the 2012 General Election, this resolution will take effect January 1, 2013.

Vote: Senate 40-0; House 112-2