TALLAHASSEE, Fla. – The Florida Ports Council announced that a new competitive measure to increase the growth of manufacturers in Florida becomes effective today April 30, 2014. This measure eliminates the Manufacturing Machinery and Equipment Sales Tax and was passed during the 2013 Legislative Session. Removing this onerous tax is critical to growing trade and the state’s economy, as many competitor states do not tax these items. Manufacturing accounts for almost 90 percent of Florida’s exports. Florida manufacturers and exporters are a powerful combination for the state’s economy.
“Manufacturing is an important industry to Florida and making sure that we provide a business-friendly environment is critical to growing that industry,” said Val Schwec, chair of the Florida Ports Council and port director for Port of Fernandina. “The elimination of the manufacturing equipment tax will greatly assist our efforts to increase trade and exports through the Port of Fernandina and the state of Florida.”
“The manufacturing tax cuts now going into effect will further enhance Florida’s ability to grow the export business in our state,” said Doug Wheeler, president and CEO, Florida Ports Council. “Florida’s seaports are in a prime position to attract manufacturers to our state and we are already seeing the benefits with on-port manufacturing, so this is great news for our entire industry.”
Florida’s leadership has already invested heavily in Florida’s seaport infrastructure, recognizing that Florida will not be able to capture those international trade opportunities or compete in the global market without a topnotch freight infrastructure in place. With this obstacle to competitiveness removed, Florida is now positioned to bring new manufacturing business to the state, and for existing businesses to expand and create jobs.