No. HB 1277
Filed under Taxes & Budget.
Prohibition on Levying Ad Valorem Taxes on Tangible Personal Property ; Conforms provisions to proposed amendments made to State Constitution which prohibit levying ad valorem taxes on tangible personal property by counties, school districts, & municipalities; removes provisions relating to property appraiser's assessments & effect of determinations by value adjustment boards; repeals provisions relating to extending date for filing tangible personal property tax returns; repeals provisions relating to erroneous returns & estimates of assessment when no return is filed; repeals provisions relating to tax returns to show all exemptions & claims; repeals provisions relating to exemption of renewable energy source devices; repeals provisions relating to exemption for tangible personal property; repeals provisions relating to uncollectible personal property taxes & correction of tax roll; repeals provisions relating to attachment of tangible personal property in case of removal; provides transitional provision.
Plain English Summary
AI-GENERATEDCounties, school districts, and municipalities can no longer levy ad valorem taxes on tangible personal property. This removes a major revenue source for local governments and eliminates the tax burden on businesses and individuals owning such assets.
The bill repeals all statutory rules for assessing, filing returns, and collecting taxes on tangible personal property. Property appraisers and value adjustment boards no longer have authority to determine values or issue assessments for this property class.
Existing tax rolls and collection procedures for tangible personal property are terminated. Tax collectors no longer receive commissions on these taxes, and provisions for correcting erroneous returns or uncollectible debts are removed from the statutes.
The legislation takes effect only if a proposed constitutional amendment prohibiting these taxes is approved by voters. Until then, current local taxation of tangible personal property remains in place under existing state law.
AIMunicipalities can no longer levy ad valorem taxes on tangible personal property.
AIRemoves the statutory definition of tangible personal property and its assessment rules.
AIEliminates all rules for determining where tangible personal property is assessed.
AIRemoves the January 1 assessment date requirement for tangible personal property.
AIRepeals the entire section governing tangible personal property tax returns.
AIRemoves the requirement to file tangible personal property tax returns.
AITax collectors no longer receive commissions on tangible personal property taxes.
AIRemoves rules for electronic filing of tangible personal property tax returns.