Introduced
by
To eliminate (starting 2015) the so-called “personal property tax” on tools and equipment used by manufacturing firms (including things like assembly lines), starting with new equipment acquired from the start of 2012. The bill would also phase out the tax on existing equipment over a seven-year period beginning in 2015. This is part of a package comprised of House Bills 6051 to 6057 (and Senate Bills 1065 to 1072), which uses tax revenue that now pays for previously-granted “corporate welfare” tax breaks and cash subsidies to reimburse local governments for the proposed reduction in revenue. The “personal property tax” currently costs businesses statewide around $1.2 billion annually, which would eventually be reduced by around $470 million.
Referred to the Committee on Tax Policy
