HB 1448

Bill Subjects

Agriculture Generally Property Taxes, Abatements And Exemptions Revenue, Department Of Sales And Use Taxes Taxes Generally

Abstract

Provides that a transaction involving a person's acquisition of agricultural machinery, tools, or equipment is exempt from the application of the state gross retail tax regardless of whether the person also intends to use the property for a nonexempt purpose and that such a transaction may not be prorated. Requires the department of state revenue to amend the administrative rules to conform with the provision added by the bill.