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Subcommittee backs raising reimbursement cap for manufacturing property tax exemption to $300 million
Summary
The subcommittee gave a favorable report to S.1, a bill that raises the statutory reimbursement cap for the manufacturing property tax exemption from $170 million to $300 million; supporters said the change prevents an effective tax increase on manufacturers when the existing cap is reached.
The subcommittee voted to give a favorable report to S.1, a bill that raises the statutory cap for reimbursements to local governments tied to the manufacturing property tax exemption from $170,000,000 to $300,000,000.
Under current law, a portion of the assessed value of manufacturing property receives a reduced assessment ratio; that exemption is reimbursed to counties through a…
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