Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Tax Policy topic
No spam. Unsubscribe anytime.
Senate adopts amendment increasing tangible personal property exemption to $15,000 and advances HB231
Summary
Senators amended and advanced House Bill 231 to raise the small-business tangible personal property exemption threshold (first substitute) from $12,007.50 to $15,000 after debate over administrative costs and fiscal-note implications; the bill passed second reading and will go to third reading.
Senators adopted a verbal amendment on the floor to raise the tangible personal property exemption threshold and then advanced the first substitute of House Bill 231 to third reading.
Senator McKay, sponsor of the bill, said the measure moves the aggregate taxable-value threshold and exempts low-cost business equipment (acquisition cost under $150) to ease administrative burden on small businesses. After committee work, the first substitute presented a figure of $12,007.50. Senator Wyler offered a verbal amendment replacing that figure with $15,000 to align the exemption with what clerks said they could administratively support and to give more relief to small or home-based businesses.
Senator Hilliard said he was comfortable with the $12,500 figure on the fiscal note and asked for an amended fiscal note should the threshold be raised; others argued clerks said they could handle $15,000 and that the change would exempt a larger portion of small businesses. The Senate adopted the verbal amendment, adopted the substitute and then read the bill for a third time after a roll call; first substitute HB231 passed second reading with a large majority and was set for third-reading consideration.
