Florida Senate - 2011                                     SB 384
       
       
       
       By Senator Bogdanoff
       
       
       
       
       25-00419-11                                            2011384__
    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”; limiting the
    6         application of the act to short-term rental
    7         agreements; providing an effective date.
    8  
    9  Be It Enacted by the Legislature of the State of Florida:
   10  
   11         Section 1. Heavy equipment rental; tangible personal
   12  property tax recovery fee.—A person who engages in the business
   13  of renting heavy equipment may collect a tangible personal
   14  property tax recovery fee on the rental of heavy equipment. The
   15  purpose of the fee is to allow the owner of the heavy equipment
   16  to recover the tangible personal property taxes imposed upon the
   17  equipment. The amount of the fee must be disclosed in the rental
   18  agreement and be based on the rental business’s estimate of the
   19  pro rata annual tangible personal property taxes that will be
   20  imposed on the equipment. The personal property tax recovery fee
   21  may not exceed the tangible personal property taxes imposed on
   22  the heavy equipment. For purposes of this section, the term
   23  “heavy equipment” means industrial or construction equipment and
   24  includes, but is not limited to, equipment described in North
   25  American Industry Classification System (NAICS) Code 532412, as
   26  published in 2007 by the Office of Management and Budget,
   27  Executive Office of the President. This section applies only to
   28  short-term rental agreements that are a lease or rental for a
   29  term of 365 days or less or at-will contracts that do not
   30  specify a term. A short-term rental agreement does not include
   31  any extension or renewal of a lease contract having an original
   32  term of 1 year or longer.
   33         Section 2. This act shall take effect July 1, 2011.