FL S0518

Revises sales tax exemption for industrial machinery and equipment purchased by manufacturers in Florida, removing complex procedural requirements including temporary tax exemption permits and affirmative showing requirements, replacing them with a certificate-based system at point of sale.

Deletes the federal procurement contract machinery exemption (former paragraph d) entirely, eliminating tax benefits for equipment used under Department of Defense and NASA contracts.

Removes lifetime caps on tax refunds for two business incentive programs: eliminates the $7 million lifetime cap for qualified defense contractors and space flight businesses, and removes the $7 million/$7.5 million lifetime caps for qualified target industry businesses.

Updates multiple cross-references throughout Florida Statutes to reflect the renumbering of sales tax exemption paragraphs caused by deletion of the federal procurement contract exemption.

Takes effect January 1, 2014, except the defense contractor and target industry business tax refund provisions which take effect July 1, 2013.