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This bill
includes a revenue decrease to the General Fund of $5,209,000 in fiscal year
2026-27 by increasing the percentage that municipalities may recover from tax
revenue lost as the result of the Business Equipment Tax Exemption to 60% for
property tax years beginning April 1, 2026, 70% beginning April 1, 2027, 75
beginning April 1, 2028, and 80% beginning on or after April 1, 2030.
Additionally, the Bureau of Revenue Services within the Department of
Administrative and Financial Services will require a one-time General Fund
appropriation of $5,300 in fiscal year 2025-26 to fund computer programming
costs associated with the provisions of this bill. |