The Senate Taxation Committee heard HB 529 on Tuesday morning. The bill would provide a $100,000 true exemption for all business that pay the business equipment tax. It would also lower the tax rate from 3% to 2%.
The hearing went very well. Over a dozen supporters ranging from loggers to farmers to manufacturers came to support the bill and explain why the business equipment tax is totally contrary to economic development and job creation. Many states in the past two years have eliminated their business equipment tax, including Maine, Kansas and Connecticut. Other states like Michigan and Idaho are seriously considering doing the same. In addition, most states, including our neighbors North Dakota, South Dakota and Wyoming, don't even have a business equipment tax.
The two main opponents were the Department of Revenue and the Governor's Office of Economic Development.
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