This bill amends K.S.A. 79-223 to expand tax exemption eligibility for commercial and industrial machinery and equipment in Kansas. Specifically, it allows for exemptions for machinery and equipment that were acquired or transported into the state on or before June 30, 2006, which were previously ineligible for such exemptions. The bill aims to promote new investments, enhance business opportunities, and support the economic recovery of the state by exempting newly purchased or leased machinery and equipment from property taxation, as well as machinery and equipment transferred into the state for business expansion or creation.

In the amended language, several phrases are deleted to streamline the purpose of the section, focusing on the promotion of investments and economic stability. The bill clarifies that commercial and industrial machinery and equipment acquired through qualified purchases or leases, as well as those transported into the state, are exempt from property taxes, provided they are not acquired for the purpose of avoiding taxation. Additionally, the bill defines terms such as "qualified lease" and "qualified purchase" to ensure clarity in the application of the tax exemptions. The existing section of K.S.A. 79-223 is repealed, and the new provisions will take effect upon publication in the statute book.

Statutes affected:
As introduced: 79-223