The House and Senate have just approved a $400 million tax cut package that includes a key provision benefiting Florida manufacturers.
The legislation makes permanent a three-year sales tax exemption on manufacturing machinery and equipment that was scheduled to sunset on April 30, 2017. Since the temporary exemption took effect in 2014, nearly 3,000 new manufacturing jobs have been created in the Tampa Bay region.
“This is a big win for Tampa Bay, and a central component of our advocacy efforts this year,” said Rick Homans, President and CEO of the Tampa Bay Partnership. “Eliminating this tax encourages the growth of our existing manufacturing companies, and creates greater parity between Tampa Bay and our competitors for new manufacturing projects, which include many Southeastern markets that don’t assess an equivalent tax.”
Tampa Bay is home to a significant manufacturing base, with nearly 6,000 companies employing over 95,000 people at an average annual wage of $52,622.
“Efforts to develop a pipeline of manufacturing talent are already underway throughout our region,” said Homans. “Policies that promote manufacturing job creation will ensure we have plenty of future employment opportunities for these residents.”
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ABOUT THE TAMPA BAY PARTNERSHIP
The Tampa Bay Partnership galvanizes the business and political leadership of Tampa Bay to influence policies, programs and projects that enhance the economic competitiveness and prosperity of the region. Founded in 1994, the organization is supported by more than 120 private investors, public partners and community stakeholders from the counties of Citrus, Hernando, Hillsborough, Manatee, Pasco, Pinellas, Polk and Sarasota.