House Bill No. 68 Summary

• Increases the personal property tax exemption threshold from $100,000 to $250,000 for each person's personal property located in a county, effective January 1, 2017.

• Amends Section 63-313 to raise the exemption amount for transient personal property from $100,000 to $250,000 for purposes of allocating exemptions among counties based on prorated value.

• Modifies Section 63-602KK to increase the maximum exemption limit from $100,000 to $250,000, affecting the annual replacement of property tax on exempted personal property.

• Declares an emergency and provides retroactive application to January 1, 2017, making the changes effective immediately upon passage and approval.