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2020 SESSION
HB 1575 Merchants' capital tax; separate classification, retailers.
Introduced by: Mark L. Cole (by request) | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
Merchants' capital tax; separate classification; retailers. Provides that the merchants' capital of any retailer reported as inventory that is located in a structure that contains at least 200,000 square feet, with at least 200,000 square feet used solely to store such inventory, shall, along with certain wholesalers, be considered a separate classification and may be taxed at a lower rate than other classifications of merchants' capital. Under current law, only merchants' capital of wholesalers meeting a similar threshold of 100,000 square feet constitutes a separate class of property.
SUMMARY AS INTRODUCED:
Merchants' capital tax; separate classification; retailers. Provides that the merchants' capital of any retailer reported as inventory that is located in a structure that contains at least 100,000 square feet, with at least 100,000 square feet used solely to store such inventory, shall be considered a separate classification and may be taxed at a lower rate than other classifications of merchants' capital. Under current law, only merchants' capital of wholesalers meeting this description constitutes a separate class of property.