Florida amendments 4 and 10: Tax breaks for businesses - FOX 13 News

Florida amendments 4 and 10: Tax breaks for businesses

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TAMPA (FOX 13) -

Amendment 4

At 700 words, this in the longest proposed amendment. It would reduce taxes for first-time home buyers by up to 50 percent in some cases. It would also reduce taxes for owners of second homes, small businesses, and big corporations. One of its provisions would reduce the cap on non-homesteaded property tax assessments from 10 percent to five percent.

Supporters say it would create thousands of new jobs and boost the troubled housing market. Opponents say it would cost local governments more than a billion dollars in lost revenue over the next several years and force them to cut services. They also say it would shift more of the tax burden to longtime homeowners.

For it: Florida Association of Realtors
Against it: Florida League of Cities

Amendment 10

This amendment would expand the tax exemption for tangible personal property for businesses. It would give businesses an extra tax break for equipment and things like computers, appliances, and farm machinery.

Currently, there's a tax exemption for the first $25,000 worth of equipment. If passed, Amendment 10 would increase the exemption to the first $50,000.

Supporters say it would bring needed tax relief to small businesses and help the economy. Opponents say it will strip millions of dollars of revenue from local governments, forcing cuts in service.

For it: Florida Chamber of Commerce
Against it: League of Women Voters of Florida

LINK: Click here for summaries, sponsors and the full text of each amendment.

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