2005 House Bill 4972 ↩

House Roll Call 361: Passed

To phase in by 2009 a refundable Single Business Tax credit equal to 20 percent of the property taxes paid by businesses to the state and local governments on industrial (but not commercial) tools and equipment ("personal property tax"). For industrial personal property acquired in 2006 and 2007, the SBT credit would be 50 of the personal property tax paid in the first year and 30 percent in the second year. If certain state revenue thresholds are met, the permanent credit could rise to 25 percent. The bill is part of a tax revision package that trades off tax cuts with certain increased tax levies and other measures to create a net business tax cut. See House Bill 5108.