This bill exempts all business equipment with a value of no more than $50,000 from the personal property tax and prohibits a political subdivision of the State from imposing a tax on such business equipment. The bill applies to property tax years beginning on or after April 1, 2026. The bill also requires the Department of Administrative and Financial Services, Bureau of Revenue Services to develop and provide guidance to municipalities and businesses regarding compliance with the elimination of the property tax on business equipment with a value of no more than $50,000.

Statutes affected:
Bill Text LD 1603, SP 640: 36.655, 36.6651