Florida DOR Publishes Revised Sales and Use Tax Information Concerning Building Contractors

The Florida Department of Revenue (DOR) Aug. 1 published revised sales and use tax information on transactions involving building contractors. The DOR explains: 1) relevant terms, such as “fabrication cost,” “fixtures,” “improvements to real property,” and “tangible personal property;" 2) types of real property contracts, with examples; 3) information on lump sum, cost plus or fixed fee, guaranteed price, and time and materials contracts; 4) contracts to install fixtures, with examples of fixtures; and 5) items that remain tangible personal property after installation. The DOR also includes information on how tax is calculated, construction performed for tax-exempt entities, contractors required ...