This bill amends the General Property Tax Act of 1893 by adding a new section, 9q, which establishes a tax exemption for personal property. Specifically, it states that for taxes levied after December 31, 2026, all personal property that does not qualify for an exemption under other sections of the act will be exempt from taxation. However, if an exemption is available under another section, it cannot be claimed under this new section. To claim the exemption, property owners must file a statement of personal property with their local tax collecting unit, along with an attestation that no other exemption applies, including the amount of property tax paid for the 2026 tax year.

Additionally, the bill modifies section 19 to clarify that a statement of personal property must still be filed even if the property is exempt from taxes. It requires that notices sent by assessing officers inform property owners about the exemptions available under sections 9m, 9n, and 9o, as well as the new exemption under section 9q. The bill also stipulates that the local tax collecting units must transmit summary information about exemptions granted to the Department of Treasury to help assess the revenue lost by municipalities due to these exemptions. The act will take effect 90 days after being enacted, contingent upon the passage of related legislation.

Statutes affected:
House Introduced Bill: 211.19
As Passed by the House: 211.19