2004 Senate Bill 1118

Introduced in the Senate

March 18, 2004

Introduced by Sen. Alan Sanborn (R-11)

To exempt the first $10,000 worth of personal property belonging to a qualified small business from the personal property tax. “Qualified small business” means one with annual gross sales of $5 million or less. The so-called “personal property tax” is assessed on the tools and capital equipment used by a business, and is levied in the same manner as regular real estate property taxes.

Referred to the Committee on Finance