SB 1 Summary

• Exempts business personal property valued under $25,000 per assessment date from taxation, effective after February 28, 2015; requires taxpayers to file annual certification with county assessor or pay $50 penalty.

• Phases down corporate income tax rate from 6.5% in 2015 to 4.9% in 2019 and financial institutions tax rate to 4.9% by 2022.

• Eliminates or phases out multiple business tax credits including college contribution, riverboat building, biodiesel, ethanol production, and new employer tax credits; reduces research and development tax credit from 15% to 7.5%.

• Provides bulk propane retailers a sales tax credit in April 2014 for sales between December 31, 2013 and April 1, 2014 on prices exceeding $2.50 per gallon, with requirement to pass credits to customers.

• Establishes commission on business personal property and business taxation to study tax structure and competitiveness issues, with final report due November 1, 2014; directs state tax and financing policy commission to study income tax deductions and exemptions during 2014-2015.