Taxation, to increase the market value threshold amount for which tangible personal property is exempt from state ad valorem taxation
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Progress
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- Introduced
- Passed House
- Passed Senate
- To Governor
- Became Law
Overview
This bill increases the threshold amount of tangible personal property exempt from state ad valorem taxes. Specifically, it exempts business property with a market value over $120,000 and having fewer than 50 employees from state tax. Local governments are permitted to adopt similar exemptions. The bill also includes technical revisions to update the existing code language.
Bill text
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