FL H0557

Authorizes heavy equipment rental businesses to collect a tangible personal property tax recovery fee on short-term equipment rentals to offset taxes owed on the equipment.

Requires the recovery fee rate to equal the prior year's tangible personal property tax rate levied at the business location, and mandates disclosure of the fee amount in rental agreements.

Limits total recovery fees collected at each business location during a calendar year to not exceed the actual tangible personal property taxes levied on that location's equipment in that year.

Requires businesses to refund or credit any overage amounts collected to customers if fees exceed the tangible personal property taxes actually owed.

Defines "heavy equipment property" as industrial or construction equipment (NAICS code 532412) and "short-term rental agreement" as leases or rentals for less than 365 days or at-will contracts.