Bill > S7060

This bill: 1. Provides that certain property assessment limitations shall apply to changes, additions, or improvements to property damaged or destroyed by Hurricane Michael that are commenced within 5 years after January 1 following the damage or destruction. This provision applies to tax years 2019-2023. 2. Revises the classification of certain residential property for assessment purposes, including classifying multifamily residential property with up to 9 units separately from commercial and industrial property. 3. Revises timeframes for certain documentation to be provided to the Department of Revenue for the purposes of a sales tax exemption for the sale of certain boats and aircraft. 4. Increases the penalty for failing to provide or post the required notice with respect to any dyed diesel fuel. 5. Extends the timeframes for nonresident purchasers of boats and aircraft to provide certain documentation to the Department of Revenue in order to qualify for a sales tax exemption. 6. Tolls the statute of limitations on final assessments and the period for filing a claim for refund during the time a taxpayer is engaged in an informal conference or compromise procedure with the Department of Revenue.

Budget and Finance

Finance and Tax (Senate)

https://www.flsenate.gov/Session/Bill/2020/7060