FL H0847

Prohibits increased property assessment value for business property additions or improvements made due to technological advances, production improvements, or regulatory compliance for 10 years if the business has operated at the same location for at least 20 years.

Creates a 10-year exemption from tangible personal property taxes for new equipment or machinery purchased by businesses at the same site for 20+ years when purchased for technological advances or regulatory compliance.

After the 10-year exemption period expires, equipment and machinery must be assessed based on depreciated fair market value.

Maintains existing $25,000 exemption for tangible personal property tax returns, with specific allocation rules for freestanding property at multiple locations and centrally assessed property.

Takes effect July 1, 2015.