HB 7099 - Taxation Summary

• Expands tourist development tax use in coastal counties to include public safety and emergency medical services up to 10 percent of revenue, subject to population and municipality requirements.

• Revises aviation fuel excise tax from 6.9 cents to 4.27 cents per gallon effective July 1, 2019, with limited refund eligibility for air carriers meeting workforce expansion requirements through July 1, 2016.

• Updates Internal Revenue Code reference to 2016 version for corporate income tax purposes with retroactive applicability to January 1, 2016, and adjusts depreciation treatment for federal tax benefits.

• Provides ad valorem tax exemptions for data center equipment (up to 20 years) and expands manufacturing machinery exemptions to include postharvest equipment and activities.

• Establishes August 5-7, 2016 sales tax holiday for clothing (up to $60) and school supplies (up to $15) with optional participation for qualifying retailers and appropriates $229,982 for implementation.