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SB 1512 aims to revise tax treatment for Space Florida projects, expanding sales-and-use-tax exemptions for leased government equipment. The bill updates the definition of 'governmental purpose' to exempt certain properties from taxation, benefiting companies involved in public-private aerospace initiatives.

It also streamlines procurement rules for Space Florida, allowing purchases with non-appropriated funds without competitive bidding. The bill has passed its first committee and is set for review by the Senate Finance and Tax Committee, with an effective date of July 1, 2026.