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Department-backed bill would remove outdated farm-equipment manual from statute, shift to acquired-cost valuation
Summary
HB108 would remove a 1998 supplemental manual for valuing agricultural implements and instead value unlisted items by acquired year and cost, with depreciation — department officials called the statutory guide outdated and difficult to update.
House Bill 108 would eliminate a statutory requirement that the Department of Revenue maintain a supplemental manual to value agricultural implements and machinery not listed in the official valuation guide, and instead direct the department to value those items using acquired-year cost and depreciation, witnesses said.
Deputy administrator Robin Rude told the House Taxation Committee the supplemental guide dates to 1998…
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