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Little attention for $20 million business tax cut amendment

Tucked near the end of a lengthy ballot that features contentious issues like abortion and the Supreme Court is a little-discussed business tax cut amendment hoping to make it into the state Constitution.

Amendment 10 would provide an additional $25,000 tax exemption for small businesses that have less than $50,000 worth of furniture, computers and other so-called “tangible property.”

The amendment has received little attention in recent months because there is little organized opposition and business groups have focused their attention elsewhere. It would primarily affect smaller businesses and provide about $20 million in savings on a tax that generates $1.7 billion annually.

“I think it’s a really positive tax policy for our small businesses in Florida,” said David Hart, vice president of the Florida Chamber of Commerce, which advocated this year for the constitutional change.

The amendment, one of 11 that lawmakers have placed on Florida’s lengthy 2012 ballot, could impact up to 40,000 small businesses next year if it gains the necessary 60 percent of the vote. A clause in the language would allow local governments to expand the savings to some larger businesses, or eliminate the tangible property tax altogether.

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@ToluseO

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