LD 241 LR 1682(02)
An Act To Adjust the Personal Property Tax Exemption for Farm Machinery
Fiscal Note for Bill as Amended by Committee Amendment " "
Committee: Taxation
Fiscal Note Required: Yes
Fiscal Note
FY 2019-20 FY 2020-21 Projections  FY 2021-22 Projections  FY 2022-23
Net Cost (Savings)
General Fund $0 $17,500 $525,000 $525,000
General Fund $0 $17,500 $525,000 $525,000
Fiscal Detail and Notes
This bill increases the property tax exemption for farm machinery from $10,000 to $45,000 and provides for 100% reimbursement to municipalities of the property tax loss.  The bill includes a one-time General Fund appropriation of $17,500 in fiscal year 2020-21 to the Department of Administrative and Financial Services to reimburse municipalities for costs associated with increasing this property tax exemption.  The Department will require annual General Fund appropriations of $525,000 beginning in fiscal year 2021-22 to reimburse municipalities 100% of the property tax loss.