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Committee advances bill letting local governments opt to exempt inventory from ad valorem tax
Summary
Senate Bill 2995 would allow local governments to choose whether to exempt raw materials and work‑in‑progress inventory from ad valorem taxation; sponsor said the change is optional and could help warehouse‑heavy counties, though details on implementation remain to be verified.
Senate Bill 2995, explained to the committee by Senator Johnson, would allow local governments to opt to exempt raw materials and work‑in‑progress inventory from ad valorem taxes rather than requiring them to be taxed, Johnson said.
"This bill would allow for local governments to, choose to exempt, raw materials and work in progress inventory from ad valorem taxes. It does not make it…
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