Tax relief could bring manufacturers

One of the constitutional amendments on the ballot in November could help attract more jobs to Florida if it passes, says one state legislator.

Amendment 10, if approved by voters, would allow municipalities to exempt all tangible property from being taxed. The tangible-property tax is the bane of small and big businesses, especially manufacturers with pricey equipment.

“This is one of my favorite amendments,” says State Rep. Matt Caldwell of Lehigh Acres, speaking to a gathering of the Real Estate Investment Society in Fort Myers recently.

“Our ability to attract manufacturing jobs is seriously hampered by the tangible-property tax,” he says. That's because many northern states don't have this tax and business owners are reluctant to move their business to a state like Florida that does.

If it does pass, the amendment would spur competition between municipalities. “The word on the street is that Osceola County will take advantage of that on the very first day,” Caldwell says.