SB1151: Machinery and tools tax; provides uniform statewide statutory classification for idle machinery.

Chief Patron

Frank Wagner (R-7)
Served: 2001–

Progress

	Introduced
	Passed Committee
	Passed House
	Passed Senate
	Signed by Governor
	Became Law

Status

03/09/2007: signed by governor

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Summary

Machinery and tools tax; idle machinery and tools; emergency clause. Provides a uniform statewide statutory classification and taxation for idle machinery and tools on a prospective basis by allowing such machinery and tools to be taxed as capital as long as they have not been used for at least one year prior to tax day and they have been identified in writing by the taxpayer to the commissioner of the revenue as such. The bill has an emergency clause.

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Identical Bills

The following bills are identical to this one: HB2181

Patron: Chris Saxman
Introduced: 2007-01-09
Status: Signed into Law

Comments

Gil Clancy writes:

This seems like a good idea. If you've got $1M in machinery idle b/c you went out of business, it's tough to fork over $40,000 (or whatever) to the county every year in prop. taxes.

Good job, Frank Wagner. At least somebody's thinking about something besides how to make it more legally perilous to drive home from a Xmas party after having a glass of eggnog.

Posted 21 months ago. #