Referred to Committee
May 2, 2011
April 18, 2011(Key vote)
Title: Reduces Business Taxes
Vote Smart's Synopsis:
Vote to pass a bill that sets guidelines and limits to the property taxation of businesses.
Exempts businesses' personal property that is purchased between January 1, 2012 through December 31, 2013 from the levy and collection of property tax so long as the property is used by the taxpayer who made the original purchase (Sec. 1).
Specifies that the exemption does not apply to business personal property that is sold and repurchased by the same individual (Sec. 1).
Appropriates from the General Fund $37.5 million for the fiscal year beginning July 1, 2013 and $76.3 million for the fiscal year beginning July 1, 2014 to the Department of Education to finance the decrease in local share of the K-12 education program (Secs. 4 & 5).