FL S1108

Exempts leasehold interests in governmental property from intangible tax when the lessee performs a governmental, municipal, or public purpose or function, effective upon enactment and applying retroactively to all governmental leaseholds existing as of January 1, 2011.

Exempts chemicals, machinery, parts, and equipment used in manufacturing aircraft engines and gas turbine engines from sales tax, including specific items such as EDM supplies, electrodes, grinding wheels, argon, nitrogen, and helium.

Reduces the productive output increase requirement for expanding manufacturing facilities from 10 percent to 5 percent to qualify for machinery and equipment tax exemptions, effective January 1, 2013.

Doubles the corporate income tax exemption from $25,000 to $50,000 effective January 1, 2013, and applies to tax years beginning on or after January 1, 2013.

Doubles the franchise tax exemption for banks and savings associations from $25,000 to $50,000 effective January 1, 2013, and authorizes the Department of Revenue executive director to adopt emergency rules for implementation.