Florida 2022 Regular Session

Florida House Bill H0751 Compare Versions

Only one version of the bill is available at this time.

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10	10	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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14	14	A bill to be entitled 1
15	15	An act relating to ad valorem taxation of construction 2
16	16	equipment; amending s. 192.001, F.S.; revising the 3
17	17	definition of the term "inventory" to include 4
18	18	construction equipment owned by heavy equipment rental 5
19	19	dealers for certain ad valorem tax purposes; providing 6
20	20	an effective date. 7
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22	22	Be It Enacted by the Legislature of the State of Florida: 9
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24	24	Section 1. Paragraph (c) of subsection (11) of section 11
25	25	192.001, Florida Statutes, is amended to read: 12
26	26	192.001 Definitions. —All definitions set out in chapters 1 13
27	27	and 200 that are applicable to this chapter are included herein. 14
28	28	In addition, the following definitions shall apply in the 15
29	29	imposition of ad valorem taxe s: 16
30	30	(11) "Personal property," for the purposes of ad valorem 17
31	31	taxation, shall be divided into four categories as follows: 18
32	32	(c)1. "Inventory" means only those chattels consisting of 19
33	33	items commonly referred to as goods, wares, and merchandise (as 20
34	34	well as inventory) which are held for sale or lease to customers 21
35	35	in the ordinary course of business. Supplies and raw materials 22
36	36	shall be considered to be inventory only to the extent that they 23
37	37	are acquired for sale or lease to customers in the ordinary 24
38	38	course of business or will physically become a part of 25
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44	44	CODING: Words stricken are deletions; words underlined are additions.
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47	47	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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51	51	merchandise intended for sale or lease to customers in the 26
52	52	ordinary course of business. Partially finished products which 27
53	53	when completed will be held for sale or lease to customers in 28
54	54	the ordinary course of busines s shall be deemed items of 29
55	55	inventory. All livestock shall be considered inventory. Items of 30
56	56	inventory held for lease to customers in the ordinary course of 31
57	57	business, rather than for sale, shall be deemed inventory only 32
58	58	prior to the initial lease of such it ems. For the purposes of 33
59	59	this section, fuels used in the production of electricity shall 34
60	60	be considered inventory. 35
61	61	2. "Inventory" also means construction and agricultural 36
62	62	equipment weighing 1,000 pounds or more that is returned to a 37
63	63	dealership under a ren t-to-purchase option and held for sale to 38
64	64	customers in the ordinary course of business. This subparagraph 39
65	65	may not be considered in determining whether property that is 40
66	66	not construction and agricultural equipment weighing 1,000 41
67	67	pounds or more that is return ed under a rent-to-purchase option 42
68	68	is inventory under subparagraph 1. 43
69	69	3. Notwithstanding any provision in this section to the 44
70	70	contrary, the term "inventory," for all levies other than school 45
71	71	district levies, also means construction equipment owned by a 46
72	72	heavy equipment rental dealer that is for sale or short -term 47
73	73	rental in the normal course of business on the annual assessment 48
74	74	date. For the purposes of this chapter and chapter 196, the term 49
75	75	"heavy equipment rental dealer" means a person or entity 50
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84	84	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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88	88	principally engaged in the business of short -term rentals and 51
89	89	sales of equipment described under 532412 of the North American 52
90	90	Industry Classification System including attachments for the 53
91	91	equipment or other ancillary equipment. As used in this 54
92	92	subparagraph, the term "short-term rental" means the rental of a 55
93	93	heavy equipment dealer's rental property for fewer than 365 days 56
94	94	under an open-ended contract or under a contract with unlimited 57
95	95	terms. The prior short -term rental of any construction equipment 58
96	96	does not disqualify such property from qualifying as inventory 59
97	97	under this paragraph following the term of that prior short -term 60
98	98	rental. The term "inventory" does not include heavy equipment 61
99	99	rented with an operator. 62
100	100	Section 2. This act shall take effect July 1, 2022. 63