SB509 Summary

• Department of Revenue shall recalculate the composite factors used to determine the assessed value of business personal property.

• Recalculated composite factors must reach a value of zero in the year immediately following the last year for which a reduction in the composite factor is shown.

• All conflicting laws or parts of laws are repealed.

• Act becomes effective on the first day of the third month following passage and approval by the Governor, or upon otherwise becoming law.