CA AB2114

Imposes a 0.75% tax on qualified renters for the privilege of renting qualified heavy equipment in California, effective July 1, 2015.

Defines qualified heavy equipment as construction, earthmoving, or industrial mobile equipment including self-propelled vehicles not designed for highway use, industrial electrical generation equipment, and industrial lift equipment.

Requires the State Board of Equalization to administer and collect the tax using the Fee Collection Procedures Law, with all revenues deposited into the General Fund.

Makes the qualified heavy equipment tax in lieu of any property tax on such equipment, replacing previous property tax obligations starting in the 2015-16 fiscal year.

Redirects property tax revenue that would have been lost from the qualified heavy equipment exemption to local jurisdictions (counties, cities, and special districts) by reducing allocations to county Educational Revenue Augmentation Funds and school districts accordingly.