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 new language emphasizes the promotion of investments in such machinery and equipment to stimulate economic recovery and enhance business opportunities within the state. The bill specifies that all newly purchased or leased commercial and industrial machinery and equipment, as well as machinery and equipment transferred into the state for business expansion or creation, will be exempt from property taxation.

Additionally, the bill removes the previous stipulation that only machinery and equipment acquired or transported after June 30, 2006, would qualify for tax exemption. It clarifies definitions related to "acquired," "commercial and industrial machinery and equipment," "qualified lease," and "qualified purchase," while also authorizing the secretary of revenue to adopt rules and regulations for administering these provisions. The existing section of K.S.A. 79-223 is repealed, and the act will take effect upon publication in the statute book.

Statutes affected:
As introduced: 79-223