Loading chat...
IN HB1169
Bill
Status
3/24/2016
Primary Sponsor
Thomas Saunders
Click for details
AI Summary
HEA 1169 Summary
-
Exempts business personal property from taxation if the taxpayer's total acquisition cost is less than $20,000 for the assessment date, effective for assessment dates after December 31, 2015.
-
Changes the filing requirement from annual notarized certifications to indicating exemption eligibility directly on personal property tax returns, with a special deadline of May 17, 2016 for the January 1, 2016 assessment date.
-
Allows county fiscal bodies to adopt ordinances imposing a local service fee not to exceed $50 on persons claiming the business personal property exemption, with revenue allocated like property taxes.
-
Imposes a $25 penalty on persons who fail to timely file the required documentation indicating their exemption status, collected with the next property tax installment.
-
Declares an emergency for the act, making it effective upon passage.
Legislative Description
Business personal property tax exemption. Replaces the requirement that a taxpayer that is eligible for the business personal property tax exemption (exemption) submit to the county assessor a notarized statement each year affirming the taxpayer's eligibility for the exemption, subject to penalties for perjury, with a requirement that the taxpayer indicate on the taxpayer's personal property return that the taxpayer is eligible for the exemption for the assessment date.
Last Action
Public Law 199
3/24/2016