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2012 SESSION

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SB 549 Machinery and Tools Investment Grant Program; created.

Introduced by: Frank W. Wagner | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED SENATE:

Machinery and Tools Investment Grant Program.  Creates a grant program that would allow a person to apply for a grant for machinery and tools in service less than two years equal to the amount of local machinery and tools taxes paid.  The amount of the grant would be capped at the amount of taxes that would be paid under that rate of tax imposed on June 30, 2012.  The grant program would be administered by the Department of Accounts.

SUMMARY AS INTRODUCED:

Intangible personal property tax; machinery and tools.  Classifies as intangible personal property, and therefore subject solely to state taxation, machinery and tools purchased on or after July 1, 2012, that have not been in service for more than three years.