HB 1349 Summary

• Adds a new assessed value deduction for personal property tax to offset the 30% minimum depreciation floor for qualifying depreciable personal property and utility distributable property.

• Applies to property newly acquired or installed after March 1, 2013, in a single taxing district.

• Deduction amount equals the difference between the true tax value using a 30% depreciation rate and the true tax value using the standard prescribed depreciation rate.

• Deduction applies only when the standard prescribed depreciation would result in a value below the 30% minimum floor established by the Department of Local Government Finance.

• Effective July 1, 2013.