This bill amends K.S.A. 79-223 to expand property tax exemptions for commercial and industrial machinery and equipment. Specifically, it allows for exemptions for machinery and equipment acquired or transported into Kansas on or before June 30, 2006. The bill aims to promote investment in these sectors, enhance business opportunities, and contribute to the economic stability of the state by exempting newly purchased or leased machinery and equipment from property taxation.

The bill also includes specific provisions regarding the eligibility of machinery and equipment for tax exemptions, detailing that only those acquired or transported for legitimate business purposes will qualify. It repeals the existing section of K.S.A. 79-223 and introduces new definitions and criteria for what constitutes a "qualified purchase" and "qualified lease." The Secretary of Revenue is authorized to adopt rules and regulations to implement these changes.

Statutes affected:
As introduced: 79-223