To revise details of the “Plant Rehabilitation and Industrial Development Act” to accommodate the proposal in Senate Bills 1069 to 1072 to cut or eliminate the property tax businesses currently pay on their tools and equipment (called the “personal property tax”).   Official Text and Analysis.

With the recommendation that the bill pass.

To tie-bar the bill to House Bill 5527, meaning this bill cannot become law unless that one does also. HB 5527 would require drug testing for business executives whose firms receive subsidies from the state.

To suspend the proposed personal property tax cuts on business tools and equipment if the legislature fails to appropriate the reimbursements of foregone revenue to local governments as proposed by Senate Bill 1072.

With the recommendation that the substitute (H-2) be adopted and that the bill then pass.

To reimpose the tool and equipment tax on industrial plants if the legislature fails to appropriate replacement revenue to local governments.

To clarify that once the tool and and equipment tax on industrial plants is eliminated then no new local abatements of this tax would be authorized (or needed).

To concur with the House-passed version of the bill.