Florida voters say no to more business tax breaks

7:02 AM, Nov 7, 2012   |    comments
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TALLAHASSEE, Fla. -- Florida voters have rejected an additional tax break for businesses on their furniture, equipment and other tangible personal property.
    
The vote Tuesday on Amendment 10 was 45 percent in favor with most ballots counted. As with all amendments, it needed 60 percent approval.
    
The proposal would have doubled the current exemption on tangible personal property taxes from $25,000 to $50,000 and let cities and counties increase it even more.
    
Supporters said the amendment offered by the Republican-controlled Legislature would help stimulate Florida's economy. Lawmakers in the past two years also have cut corporate income taxes by increasing the exemption.
    
Opponents said the amendment would have forced local governments to further reduce public services or increase other taxes.

Associated Press

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