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