Reduce Business Personal Property Taxes
| Type | Bill |
|---|---|
| Session | 2018 Regular Session |
| Subjects |
Concerning the reduction of business personal property taxes.
Bill Summary:
There is currently an exemption from property tax for business personal property that would otherwise be listed on a single personal property schedule that is equal to $7,400 for the current property tax year cycle. The bill raises the exemption to $50,000 commencing in tax year 2018, and continues to adjust it for inflation for subsequent property tax cycles, so that businesses with personal property under $50,000, or the inflation adjusted amount, would not have to file the business personal property tax forms nor pay the corresponding tax.
The bill also raises the value of business personal property that qualifies for an exemption for consumable property from $350, which is the value set by the property tax administrator, to $500.
(Note: This summary applies to this bill as introduced.)
Committees
Related Documents & Information
| Date | Version | Documents |
|---|---|---|
| 01/10/2018 | Introduced |
| Activity | Vote | Documents |
|---|---|---|
| Adopt amendment L.002 [Attachment I]. | The motion passed without objection. | Vote summary |
| Refer House Bill 18-1036, as amended, to the Committee on Finance. | The motion failed on a vote of 3-6. | Vote summary |
| Postpone House Bill 18-1036 indefinitely. | The motion passed on a vote of 6-3. | Vote summary |
| Date | Location | Action |
|---|---|---|
| 02/01/2018 | House | House Committee on State, Veterans, & Military Affairs Postpone Indefinitely |
| 01/10/2018 | House | Introduced In House - Assigned to State, Veterans, & Military Affairs |
Prime Sponsor
Sponsor
Co-Sponsor