If this bill were to become law, it would update the current statutes by increasing the business personal property tax exemption from the current maximum of $207,366 to $500,000. This change is significant as it raises the threshold for tax exemption on personal property used in trade or business or for agricultural purposes, thereby providing greater financial relief to businesses and agricultural entities.

Additionally, the bill would make technical changes to the language regarding the adjustment of the exemption amount based on the employment cost index, specifying that the adjustment will be based on data from the United States Department of Labor's Bureau of Labor Statistics. The new provisions would take effect on January 1, 2026, ensuring that the updated exemption amount is applied in the following tax year.

Statutes affected:
Introduced Version: 42-11127