Intangible property-taxation. 06LSO-0168.C1
FISCAL NOTE
The fiscal impact is indeterminable.
This bill provides for
the Department of Revenue to establish percentage of value exemptions for
intangible personal property by industry subgroup after gathering data from
industry. Since the Department of
Revenue has not gathered such data, it cannot estimate what the exemption
percentages would be at this time. This
bill also provides for a specific company to claim an additional percentage if
the company can document that its percentage of exemptible intangible personal
property exceeds the percentage determined by the Department of Revenue for the
applicable industry sub-group. The
Department of Revenue has no way to estimate how many companies would make an
"additional" percentage claim, or what those percentages would
be. To the extent that exemptions for
intangible personal property are granted, a resulting decrease in assessed
value of state-assessed property attributable to the intangible exemption can be
anticipated. This impact will fall largely
on counties, municipalities, and special districts, along with the impact on
the School Foundation program.
Prepared by: Wade Hall, Dept. of Revenue Phone: 777-5235