This bill amends the State Essential Services Assessment Act by updating definitions and procedures related to the assessment of personal property. Key changes include the definition of "acquisition cost," which now specifies that it includes the fair market value of personal property at the time of acquisition, along with costs such as freight, sales tax, and installation, while excluding capitalized interest. The bill also introduces a new definition for "Bureau," referring to the Bureau of Fair Competition and Free Enterprise, and clarifies the role of the department of treasury. Additionally, it modifies the criteria for determining eligible personal property and the process for claiming exemptions from the assessment.

Furthermore, the bill revises the process for issuing exemptions from the assessment, transferring authority from the fund board to the director of the bureau. The director must consult with the state treasurer before issuing an order for exemptions, which will now be effective in the assessment year following the order's issuance. The bill also mandates a detailed application and compliance process for exemptions, including requirements for eligible claimants to present business plans and investment commitments. Overall, these amendments aim to streamline the assessment process and enhance clarity regarding the eligibility and exemption criteria for personal property assessments.

Statutes affected:
Senate Introduced Bill: 211.1053, 211.1059