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Committee of the Whole advances $50,000 business personal-property exemption after debate on series LLCs, backfill
Summary
Senators in the Committee of the Whole debated a bill to exempt the first $50,000 of business personal property from local taxation, addressing concerns about aggregation across counties, series LLCs and whether corporations should qualify. The committee reported the bill favorably to the full Senate.
Senate File 48, a revenue committee bill to exempt the first $50,000 of business personal property from local property tax, was reported favorably out of the Committee of the Whole on Jan. 21 after an extended floor discussion on implementation and unintended consequences.
Sponsor Senator McEwen described the bill as a targeted tax relief for small businesses that would "cut the first $50,000 worth of tangible personal property off the taxable base," helping especially small retailers and service businesses he said. McEwen said the average taxpayer would save about $400 and pegged the bill's fiscal impact at roughly…
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