To revise a small business exemption on paying property taxes on the value of their tools and equipment (called the “personal property tax), by indexing the current $80,000 cap on the exemption to inflation.
Referred to the Committee on Tax Policy
Reported without amendment
Without amendment and with the recommendation that the bill pass.
To adopt a version of the bill that doubles the current small business personal property tax exemption, not just indexes it to inflation (but do that too).
The substitute passed by voice vote
Passed in the House 58 to 46
To double the a small business exemption on the value of business tools and equipment subject to property taxes (called the “personal property tax"), from $80,000 to $160,000, and also index this to inflation going forward.
Referred to the Committee of the Whole
Passed in the Senate 21 to 15
Passed in the House 58 to 45
To concur with the Senate-passed version of the bill.