Tangible Personal Property (TPP) $25,000 Exemption

In 2008, Florida Legislature approved an exemption of up to $25,000 for all tangible personal property returns (FS 196.183).  

In order to qualify for the $25,000 tangible personal property exemption, the business must file an initial return by April 1 or within an approved extension period.  

In order to be considered for the exemption, ALL new businesses must file an initial return; even if the value of the equipment listed on the return is less than $25,000.

If the TPP value remains $25,000 or less in subsequent years the requirement to file an annual Tangible Personal Property is waived and the TPP exemption will automatically renew for the year.

If the TPP value is more than $25,000 as of January 1 of any year, a TPP return (DR-405) must be filed by April 1st in order to continue to receive the $25,000 tangible exemption.