FL S1086

Prohibits increases to assessed value of business property additions or improvements made due to technological advances or regulatory requirements for 10 years, if the business has been at the same location for at least 20 years.

Provides a new 10-year exemption from tangible personal property taxes for machinery and equipment purchased by businesses for technological or production advances or to meet regulatory requirements, available to owners who have conducted business at the same site for at least 20 years.

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

Maintains the existing $25,000 tangible personal property exemption under current law and allows the new exemption to apply in addition to it.

Takes effect July 1, 2015.