HB2400 Summary

• Exempts sales of off-highway vehicles used for commercial agricultural production from transaction privilege tax (TPT), defining them as off-highway vehicles with maximum speeds of 50 mph or less and engines not exceeding 1,000 cubic centimeters.

• Adds coal sales to the list of exempt tangible personal property for use tax purposes under section 42-5159.

• Modifies the personal property rental classification exemption to exclude leases of new agricultural machinery under two years, requiring longer lease periods to qualify for tax exemption.

• Applies to taxable periods beginning the first day of the month following the general effective date of the act.