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2019 SESSION

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HB 2640 Machinery and tools tax; definition of original total capitalized cost.

Introduced by: Kathy J. Byron | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Machinery and tools tax; definition of original total capitalized cost. Provides that, for purposes of the machinery and tools tax, "original total capitalized cost," which is used to calculate assessed value, means the property's cost when acquired by the current owner plus any amount incurred to extend its useful life. If the property was not acquired in an arm's-length transaction, the prior owner's original total capitalized cost is used. Acquisitions are presumed to be arm's-length unless the current owner bought the property from an affiliate.


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