Vote Smart's Synopsis:

Vote to pass a bill that reduces the tax on Class 8 business equipment to 1.5 percent.

Highlights:

• Reduces the tax from 2 percent to 1.5 percent for Class 8 property valued between $20,000 and $10 million (Sec. 2).

• Increases the minimum Class 8 property value from $2 million to $10 million for the tax rate of 3 percent (Sec. 2).

• Defines “Class 8 property” as including, but not limited to, the following business equipment (Sec. 2):
• Agricultural equipment;
• Oil and gas production machinery, fixtures, and equipment;
• Medical and dental equipment; and
• Furniture, fixtures, and equipment used in commercial establishments.

• Specifies that this bill applies to property tax years beginning December 31, 2013 (Sec. 8).

Full Bill Text