CS for CS for SB 620 - Taxation Summary

• Establishes new assessment rules for multiple parcel buildings, requiring land value to be allocated proportionally among parcels based on improvement values, with each parcel receiving a separate tax folio number.

• Provides ad valorem tax relief for citrus fruit packing and processing equipment rendered unusable due to Hurricane Irma or citrus greening disease, limiting taxable value to salvage value for the 2018 tax roll.

• Creates sales tax holidays for August 3-5, 2018 (clothing and school supplies up to $60 and $15 per item respectively) and June 1-7, 2018 (disaster preparedness supplies).

• Authorizes tax exemptions and refunds for Hurricane Irma recovery expenses, including fencing materials, farm building repairs, and agricultural shipment fuel purchased September 10, 2017 through June 30, 2018.

• Adjusts various fees and taxes including reducing rental property tax rate from 5.8% to 5.7%, delaying natural gas fuel tax implementation to January 1, 2024, and directing certain court fees to the State Courts Revenue Trust Fund rather than General Revenue Fund.