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Senate adopts bill rewriting business personal property exemption and aligning senior homestead portability dates
Summary
Senate Bill 116 was amended in finance and appropriations to fix the business personal property exemption ceiling at $58,000 and to align dates for a portable senior homestead pilot; supporters framed the changes as fiscal housekeeping, critics said eliminating inflation indexing will hurt small businesses and urged local governments to retain exemption authority.
Senate Bill 116, taken up on April 24, was substantially narrowed in committee and on the floor to a few technical and fiscal clarifications. The finance committee removed many introduced elements; the principal remaining changes were: writing the current BPP exemption ceiling amount (cited on the floor as $58,000) into statute rather than retaining an…
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