This bill amends K.S.A. 79-223 to provide tax exemption eligibility for commercial and industrial machinery and equipment that were previously ineligible due to being acquired or transported into Kansas on or before June 30, 2006. The bill aims to promote new investments in these sectors by exempting newly purchased or leased machinery and equipment from property taxation, thereby encouraging business expansion and creation within the state. The existing language that specified exemptions only for transactions made after June 30, 2006, has been deleted, allowing for broader eligibility.

Additionally, the bill clarifies definitions related to the exemption, including what constitutes a "qualified purchase" and "qualified lease," and specifies that the exemption does not apply to electric generation facilities primarily used for renewable energy production. The bill also repeals the existing section of K.S.A. 79-223, indicating a complete overhaul of the previous law. The secretary of revenue is authorized to adopt rules and regulations to implement these changes effectively.

Statutes affected:
As introduced: 79-223