FL S1072

Simplifies industrial machinery and equipment sales tax exemption by removing the distinction between "new" and "expanding" businesses and eliminating the 10 percent productive output increase requirement.

Expands exemption to cover machinery purchased for exclusive use in spaceport activities directed or sponsored by Space Florida, and machinery used by manufacturers producing tangible personal property at fixed locations.

Eliminates the temporary tax exemption permit process, application requirements, and related administrative provisions for businesses claiming the industrial machinery exemption.

Removes all limitations, conditions, and definitions previously required for machinery and equipment purchased under federal procurement contracts, including implicit productive output measurements and cost-reimbursement contract calculations.

Updates cross-references in the enterprise zone business property exemption to reflect changes to industrial machinery and equipment definitions.