| This bill provides for the replacement of the business |
| equipment tax reimbursement program over 4 years or longer |
| with a property tax exemption for personal property that would |
| be eligible for reimbursement under the business equipment tax |
| reimbursement program. Municipalities would be reimbursed for |
| 100% of the property tax revenue loss resulting from the |
| exemption. Funding for municipal reimbursement would be set |
| aside from the amount by which projected General Fund revenues |
| exceed the previous fiscal year's revenues adjusted for |
| inflation. If excess revenues are not estimated to be |
| sufficient for full funding, the percentage of exempt value |
| would be adjusted to reflect the amount available for |
| municipal reimbursement. |
