HB 2389 Summary

• Exempts personal property used in trade or business from taxation up to a maximum of $207,366 of full cash value per taxpayer, with annual adjustments based on employment cost index increases.

• Repeals sections 42-13054, 42-13055, and 42-13056 relating to solar energy device taxation provisions.

• Creates a new Class Two (P) subclass for personal property (agricultural, nonprofit organization, golf course, and guest ranch property) separate from real property classifications, taxed at 15-16 percent of full cash value.

• Removes personal property from Class One classifications under section 42-12001, limiting Class One to real property for shopping centers, golf courses, manufacturers, and commercial/industrial uses.

• Effective date: December 31, 2031.