HB 599, the bill to phase in a repeal of the personal property tax on business equipment, has been amended unanimously in the Senate. Senators changed the bill to exempt just the first $75,000 in value from the tax on business equipment, and to exclude operating property (utility property, like power lines). As a result, 86 percent of Idaho businesses would no longer have to pay the tax at all. The state would fully reimburse counties for their lost taxes, which would cost about $15.5 million a year – far less than the $120 million annual cost of the full repeal. Now, the Senate is moving on to debate the amended bill.
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