HB 781 Summary

• Defines "manufacturer" as any business with North American Industry Classification System (NAICS) code in sector 31-33.

• Eliminates the requirement for manufacturers to make $250 million in qualified capital expenditures within a 2-year period to qualify for sales-factor-only apportionment of state corporate income tax.

• Removes the application and qualification process previously requiring notification to the Department of Economic Opportunity and demonstration of capital expenditures.

• Streamlines eligibility so manufacturers doing business within and outside Florida can apportion adjusted federal income solely by sales factor for corporate income tax purposes.

• Effective date: July 1, 2013.