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2005 SESSION

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SB 737 Personal Property Tax Relief Act of 1998; changes in provisions.

Introduced by: W. Roscoe Reynolds | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Tangible personal property tax relief.  Amends the personal property tax relief program effective January 1, 2006, by (i) providing that reimbursements to localities will be paid in 12 equal monthly installments beginning with the month of May each year, (ii) requiring localities to provide personal property tax relief on qualifying vehicles in an equitable manner, and (iii) providing that the Comptroller shall determine reimbursement payments to localities no later than April 30, 2006.

Under current law, (i) reimbursement payments to localities shall be made over the 12-month period beginning with the month of July, (ii) localities are required to provide personal property tax relief through one or more tax rates that are lower than the tax rate applicable to the general class of tangible personal property, and (iii) the Comptroller shall determine reimbursement payments to localities no later than March 1, 2006.


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