Introduced
by
To create a state fund to reimburse local governments for the foregone property tax revenue associated with the proposal in House Bills 6051 and 6052, which would gradually phase-out the so-called “personal property tax” that manufacturers currently pay on tools and equipment, and eliminate this tax for smaller non-manufacturing businesses. Money for this would come from state tax revenue that now pays for “corporate welfare” tax breaks and cash subsidies previously promised to particular firms, once the promised benefits have been delivered. 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
