Clarify Property Tax Exemption Silvicultural Equipment
SB17-302
Last Action: Signed by Governor 06/02/2017
Concerning a clarification of the exemption from property tax of silvicultural equipment.
SESSION: 2017 Regular Session
SUBJECTS: AgricultureFiscal Policy & Taxes
BILL SUMMARY
Current law exempts 'agricultural and livestock products' from the levy and collection of property tax and defines 'agriculture', for purposes of applying the exemption, to include silviculture. Current law also exempts 'agricultural equipment which is used on the farm or ranch in the production of agricultural products' from the levy and collection of property tax.
The bill repeals the current exemption and instead clarifies that agricultural equipment includes silviculture personal property that is designed, adapted, and used for the planting, growing, maintenance, or harvesting of trees in a raw or unprocessed state.
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)