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1996 SESSION

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SB 126 Local sales and use tax rate; tangible personal property tax rates.

Introduced by: Charles J. Colgan | all patrons    ...    notes | add to my profiles

SUMMARY:

Local sales and use tax rate; tangible personal property tax rates. Increases the rate of the sales and use tax that localities may levy from one percent to two and one-half percent. Cities and counties will not be authorized to maintain the current local sales and use tax rate after the legislation becomes effective on January 1, 1997. Increased revenues generated by the higher sales and use tax rate must be used by localities to reduce the rate of tax on tangible personal property to a rate not greater than one cent per hundred dollars of assessed value. Local tangible personal property tax rates may not be increased after they have been reduced to offset increased sales and use tax revenues.

FULL TEXT

• 01/10/96  Senate: Presented & ordered printed 963010633  pdf

HISTORY

• 01/10/96  Senate: Presented & ordered printed 963010633
• 01/10/96  Senate: Referred to Committee on Finance
• 02/13/96  Senate: Left in Finance