H1030 - 2016 Appropriations Act. (SL 2016-94)

Overview: Sec. 38.2 of S.L. 2016-94, as amended by Secs. 11.1 and 11.3 of S.L. 2016-123, expands the preferential tax treatment of certain machinery and equipment subject to the 1% / $80 tax by adding provisions for the following:

• Parts, accessories, or attachments for equipment that is currently eligible for a company located at a ports facility. This provision became effective July 14, 2016, and applies retroactively to purchases made on or after July 1, 2013.
• Secondary metal recyclers, effective for purchases made on or after July 1, 2016. The equipment must be used in a process that converts ferrous or nonferrous metals or other items that have served their original purpose into new or different products for sale.
• Precious metal processors, effective for purchases made on or after July 1, 2016. This provision applies to a company that processes tangible personal property for the purpose of extracting precious metals regardless of whether the company owns the property being processed.
• Metal fabricators that derive more than $8 million annually from the fabrication or manufacture of metal products, effective for purchases made on or after July 1, 2016. This provision applies regardless of whether the products manufactured are for sale or for the company's own use.