Introduced
by
To change the penalty for failing to properly file a personal property tax return from 1.25 percent per month to 10 percent a year plus interest at the 91-day treasury bill rate, plus one percent; and require a waiver of the penalty if the failure was due to a reasonable cause. Also, to revise the procedure for property that had been incorrectly reported or omitted in any of the previous tax years. 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
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one that authorizes a penalty of 1 percent per month, rather than 10 percent per year, and that revises other details that do not change the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the Senate 22 to 14 (details)
To change the penalty for failing to properly file a personal property tax return from 1.25 percent per month to 1.0 percent per month plus interest at the 91-day treasury bill rate, plus one percent; and require a waiver of the penalty if the failure was due to a reasonable cause. Also, to revise the procedure for property that had been incorrectly reported or omitted in any of the previous tax years. 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 Tax Policy
Reported without amendment
Without amendment and with the recommendation that the bill pass.
Amendment offered
by
To prohibit the state tax Commission and a local tax collecting unit from "looking back" more than two years to determine whether a business may have incorrectly reported its "personal property" (capital equipment) subject to property tax, and whether it may then owe more tax, plus penalties and interest.
The amendment passed by voice vote
Passed in the House 68 to 38 (details)
To change the penalty for failing to properly file a personal property tax return from 1.25 percent per month to 1.0 percent per month plus interest at the 91-day treasury bill rate, plus one percent; and require a waiver of the penalty if the failure was due to a reasonable cause. Also, to revise the procedure for property that had been incorrectly reported or omitted in any of the previous tax years. 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. Also, to prohibit the state tax Commission and a local tax collecting unit from "looking back" more than two years to determine whether a business may have incorrectly reported its capital equipment subject to property tax, and whether it may then owe more tax, plus penalties and interest.
To concur with the House-passed version of the bill, which added a provision to prohibit the state tax Commission and a local tax collecting unit from "looking back" more than two years to determine whether a business may have incorrectly reported its capital equipment subject to property tax, and whether it may then owe more tax, plus penalties and interest.
Passed in the Senate 22 to 13 (details)
