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1998 SESSION

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SB 439 Personal Property Tax Relief Act of 1998; created.

Introduced by: John H. Chichester | all patrons    ...    notes | add to my profiles

SUMMARY:

Personal Property Tax Relief Act of 1998. Provides personal property tax relief for qualifying vehicles beginning in 1998 with 12.5 percent of the tax due being paid by the state to each locality on behalf of the taxpayers. That amount increases to 27.5 percent in 1999; 47.5 percent in 2000; 70 percent in 2001; and 100 percent in 2002 and thereafter. In 1998, any vehicle with a value of $1,000 or less will not pay any tax. The bill also includes a school construction program to be partially funded with lottery profits and the rest with a $350 million bond issue. The percent of lottery profits dedicated to school construction beginning in 1999 would be up to 7.5 percent and gradually increasing to 66.6 percent in 2007 and thereafter. Distributions would be matching grants and would be based on composite index and growth. Finally, there is a shipyard grant program which requires an appropriation of $8 million for 1999 and future benefits subject to appropriation. If appropriated, the total shipyard grant program could cost $98 million.


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