Honorable Morgan Meyer, Chair, House Committee on Ways & Means
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
HB3424 by Capriglione (Relating to the ad valorem taxation of certain dealer's heavy equipment inventory.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would prohibit a heavy equipment dealer from collecting the unit property tax from a lessee or renter of heavy equipment, if the lessee or renter is the United States or an agency or instrumentality of the United States.
The bill would require a dealer to file statements and remit unit property tax payment to the collector quarterly, instead of monthly. The bill would amend the dealer's heavy equipment inventory tax statement to provide a summary of all items of heavy equipment sold, leased, or rented by the dealer during the previous period, the aggregate sales price of the lease or rental payments, and the total amount of unit property tax assigned to the items, rather than providing information for each item of heavy equipment sold, leased, or rented by the dealer.
The bill would remove the requirement that dealers file a copy of the statement with the appraisal district and would require the Comptroller to prescribe the period of time a dealer would be required to retain records.
The bill would require the collector to collect delinquent taxes regardless of whether the collector is otherwise obligated by law or contract to collect the delinquent taxes.
The bill would also authorize a person who acquires the business or assets of the owner to use the same unit property tax factor that the owner who owes the current year tax would use when paying the current year tax.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.