Committee gives favorable reports to four tax- and veteran-related bills

A Senate committee gave favorable reports Wednesday to four bills addressing tax treatment and veteran benefits, the panel chair announced.

The measures that advanced were SB 282 (an exemption for certain digital assets from ad valorem taxation), SB 300 (raising the business personal property exemption from $40,000 to $100,000), HB 72 (raising a firefighters’ specialty license tag fee), and HB 396 (clarifying that a veteran’s 1% disability property-tax exemption should not be counted in mortgage debt-to-income calculations).

The committee’s action places the bills on track for further consideration in the legislative process. Committee members voiced approval for each bill by voice vote; the chair recorded the outcomes as favorable reports and said, “Ayes have it.” The committee did not record roll-call tallies on the record during the meeting.

SB 282 — digital-asset exemption Senator Barfoot introduced SB 282 as a companion to another measure and described it as “a short addition to the list of exemptions for ad valorem.” He said the bill would put the current interpretation — that digital assets are not taxable property — into statute to provide regulatory certainty and to signal the state is friendly to cryptocurrency interests. “It really codifies exemptions, codifies exempt existing interpretation of the rule that digital assets are not taxable property,” Barfoot said. The motion to give SB 282 a favorable report passed by voice vote; Senator Kelly seconded the motion on the floor.

SB 300 — small-business personal property exemption Senator Sessions described SB 300 as an extension of prior tax relief for small businesses, increasing the business personal property exemption from $40,000 to $100,000. He said the change aims to help small establishments such as bakeries and restaurants that may have expensive equipment. Senator Sessions moved a favorable report and the committee approved the motion by voice vote.

HB 72 — firefighters’ specialty license tag fee A sponsor told the committee the bill would raise a specialty tag fee that currently yields $1 to a higher amount to support firefighters, noting much of the increase would be split for memorial and related programs. A committee member suggested the proposal be reviewed in the License Plate Oversight Committee in the future; the sponsor said the firefighters supported the increase. The committee gave HB 72 a favorable report by voice vote.

HB 396 — veteran disability exemption and mortgage calculations Representative Pascal said HB 396 would clarify that a veteran who qualifies for a 1% disability property-tax exemption should not have that exemption included in debt-to-income calculations when purchasing a home. “It’s trying to make a true indication of what the vets income and outgoing is,” Pascal said. He said the department of revenue had been consulted. The committee approved HB 396 by voice vote.

What’s next The committee chair announced the favorable reports for the four bills. No formal roll-call vote counts were recorded in the meeting transcript for these motions; each advanced by committee action recorded as a favorable report. The items will proceed through the legislative process according to chamber rules.

Ending Committee members did not raise additional amendments on these four bills during the meeting. The committee moved on to a later agenda item addressing a separate bill that drew a public hearing and will be carried over for further consideration next week.