HB 1271 Summary

• Establishes new definitions for ad valorem tax purposes: "heavy equipment rental property" (mobile construction, earthmoving, or industrial equipment leased by dealers), "mobile" (equipment not permanently affixed to real property), "dealer of heavy equipment rental property" (North American Industrial Classification System code 532412), and "short-term rental" (leasing for less than 1 year, undefined period, or unlimited contract terms).

• Revises the definition of "inventory" to include all livestock and heavy equipment rental property as inventory, and clarifies that construction and agricultural equipment weighing 1,000 pounds or more returned under rent-to-purchase options is also inventory.

• Updates cross-references throughout Florida Statutes (ss. 112.312, 192.042, 212.08, 220.03, and 624.5105) from subsection (12) to subsection (11) regarding personal property definitions, reflecting the renumbering of subsections in section 192.001.

• Takes effect July 1, 2018.