Mary Caferro voted Nay (Passage) on this Legislation.
Title: Increases Business Equipment Tax Exemption from $300,000 to $1 Million
Vote to pass a bill that increases increases business equipment tax exemption from $300,00 to $1 million.
Exempts from taxation first $1 million (previously first $300,000) of market value of class eight property (e.g. mining and manufacturing machinery, medical equipment) (Page 8).
Repeals mention of American Rescue Plan Act (Page 9).
Amends statewide elementary/high school guaranteed tax base ratio to multiply by 254% for fiscal year 2024 and 259% for fiscal year 2025 and onward (Page 12).
Establishes effective date(s) of tax years beginning after December 31, 2023 (Page 15).
Title: Increases Business Equipment Tax Exemption from $300,000 to $1 Million