Signed by Governor Butch Otter

Vote Smart's Synopsis:

Vote to pass a bill that annually reduces the personal property tax by 20 percent beginning in the 2010 fiscal year until it is eliminated in the 2014 fiscal year, provided that state's general fund increases by at least five percent annually.

Highlights:

- Exempts personal property acquired after January 1, 2008 from property taxation [sec. 3 (1)]. - Withholds the 20 percent reduction of the personal property tax if the state's general fund does not increase by five percent for that fiscal year [sec. 3 (2) (c)]. - Requires the state to reimburse counties and other taxing districts for the revenue lost as a result of phasing out the personal property tax [sec. 4 (12)]. - Permits school districts to include personal property when assessing the total amount of taxable property for the purposes of determining the total amount a school district can issue in bonds [sec. 7 (1)].

Full Bill Text