Under existing law, certain tangible personal property, up to a market value of $100,000, is exempt from payment of the state-levied ad valorem tax. This bill would exempt tangible personal property with a market value over $120,000 of a business with less than 50 employees from the state-levied ad valorem tax. This bill would allow local governments to adopt companion exemptions. This bill would also make nonsubstantive, technical revisions to update the existing code language to current style.

Statutes affected:
Introduced: 40-9-1