FL S0384

Authorizes persons in the business of renting or leasing heavy equipment to collect a tangible personal property tax recovery fee of 2 percent of total rental transaction fees in each county.

Defines "heavy equipment" as industrial or construction equipment under North American Industry Classification System (NAICS) Code 532412 (2007).

Limits recovery fee collection to short-term rental agreements (terms less than 365 days or at-will contracts) that disclose the fee amount and purpose.

Prohibits additional recoupment of recovery fees in the current year if collected fees exceed the prior year's tangible personal property tax paid, with excess amounts reducing the following year's fee recoupment.

Takes effect July 1, 2011.