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Committee approves SB701 to reclassify forestry equipment as Class 1 property and exempt sales tax; estimates $1.1M annual revenue loss
Summary
The Senate Natural Resources Committee agreed to a committee substitute for Senate Bill 701 that would reclassify forestry equipment as Class 1 property for tax purposes, exempt forestry equipment sales from sales and service tax, set an effective date of July 1, 2025, and was reported to the full Senate with a recommendation that it do pass.
The Senate Natural Resources Committee approved a committee substitute for Senate Bill 701 that would reclassify forestry equipment as Class 1 property for tax settlement purposes and exempt the sale of forestry equipment from the state sales and service tax under chapter 11, article 15, section 1. Counsel told the committee the committee substitute changes the effective date to July 1, 2025, and the fiscal material the committee received indicates a projected annual revenue decrease of roughly $1,100,000.
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