FL H0243

Allows persons engaged in renting or leasing heavy equipment to collect a recovery fee equal to 2 percent of total rental transaction fees generated in each county to recover tangible personal property taxes paid in the previous year.

Recovery fee may only be collected on heavy equipment subject to short-term rental agreements (less than 365 days or at-will contracts) that disclose the fee amount and purpose to the lessee.

Prohibits collection of additional recovery fees in the current year if the actual recovery fee collected exceeds the tangible personal property tax paid in the prior year.

Requires reduction of recovery fee recoupment for the following year by the amount that the current year's collected recovery fee exceeded the prior year's tax paid.

Effective date: July 1, 2011.