Introduced
by
To place before voters in the next general election a constitutional amendment to establish that if a law is passed reducing or eliminating the current imposition of property taxes on business tools and equipment (so called “personal property” taxes), then for at least five years money most be appropriated each year to reimburse local government for the revenue they would no longer collect from this tax. After five years the amount of these payments to local governments could be gradually reduced in 5 percent annual increments to an amount not less than 50 percent of amount of foregone local property tax revenues.
Referred to the Committee on Tax Policy
