HB 58 Summary

• Suspends eight categories of general excise tax exemptions from January 1, 2022 through December 31, 2023, including exemptions for federal cost-plus contractors, telecommunications carriers, real property lessees, sugarcane producers, and certain sales to the United States.

• Levies a 4% tax on previously exempt gross income and gross proceeds of sale during the suspension period, with no county surcharge applied.

• Suspends three categories of use tax exemptions from January 1, 2022 through December 31, 2023, including exemptions for intoxicating liquor and cigarettes sold to U.S. persons in interstate commerce and certain vessel/pollution control facilities.

• Levies a 4% tax on previously exempt property, services, and contracting imported or purchased for use in the state during the suspension period, with exemptions for contracts entered into before July 1, 2021.

• Increases conveyance tax rates on non-commercial properties valued at $4,000,000 or greater and establishes new tiered rates for commercial properties, effective January 1, 2022.