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2015 SESSION
SB 1127 Tangible personal property; miscellaneous and incidental property.
Introduced by: Emmett W. Hanger, Jr. | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Tangible personal property; miscellaneous and incidental property. Declares miscellaneous and incidental property employed in a trade or business with an original cost of less than $250 as a separate classification of tangible personal property. A locality may allow a taxpayer reporting such property to provide an aggregate estimate of the total value of such property instead of an itemized list. The bill also authorizes a locality to tax such property at a separate rate of taxation not to exceed the rate imposed on general tangible personal property. The bill incorporates SB 1243 and is identical to HB 2098.
SUMMARY AS PASSED SENATE:
Tangible personal property; miscellaneous and incidental property. Declares miscellaneous and incidental property employed in a trade or business with an original cost of less than $250 as a separate classification of tangible personal property. A locality may allow a taxpayer reporting such property to provide an aggregate estimate of the total value of such property instead of an itemized list. The bill also authorizes a locality to tax such property at a separate rate of taxation not to exceed the rate imposed on general tangible personal property. The bill incorporates SB 1243 and is identical to HB 2098.
SUMMARY AS INTRODUCED:
Tangible personal property; miscellaneous and incidental property. Declares miscellaneous and incidental property with an original cost of less than $250 as a separate classification of tangible personal property. The bill clarifies that when reporting such property, a taxpayer may provide an aggregate estimate of the total value of such property instead of an itemized list. The bill also authorizes a locality to tax such property at a separate rate of taxation not to exceed the rate imposed on general tangible personal property.