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2017 Regular Session
Overview
At the request of:
Chief Sponsors:
Regular Sponsors: Revenue
Bill Title: Relating to the taxation of certain heavy equipment; prescribing an effective date.
Catchline/Summary: Imposes tax on rental price of construction, mining, earthmoving or industrial equipment that is mobile and held primarily for rental.
Directs Department of Revenue to administer heavy equipment rental tax program. Provides for distribution to counties of tax revenues attributable to rentals made from locations in county. Directs county treasurer to distribute tax moneys to local taxing districts according to proportionate share of total tax rate for purposes of ad valorem property taxes of each district. Provides for temporary annual payments by or to equipment owner of any difference between heavy equipment rental tax and ad valorem property tax that would be assessed on such equipment if such equipment were subject to ad valorem property tax. Requires department to submit report regarding heavy equipment rental tax experience, including proposed tax rate to maintain revenue neutrality with respect to replacement of ad valorem property tax by heavy equipment rental tax, to interim committees related to revenue no later than July 1, 2021. Takes effect on 91st day following adjournment sine die.
Chapter Number:
Fiscal Impact: May Have Fiscal Impact, But No Statement Yet Issued
Revenue Impact: May Have Revenue Impact, But No Statement Yet Issued
Measure Analysis: Staff Measure Summary / Impact Statements
Current Location: In House Committee
Current Committee: House Committee On Revenue
Current Subcommittee:
Subsequent Referral(s):
Measure History
Scheduled Events