Bill Summary

by Bernard Co Sponsors: Yarborough

Prohibition on Levying Ad Valorem Taxes on Tangible Personal Property; Conforming provisions to proposed amendments made to the State Constitution which prohibit levying ad valorem taxes on tangible personal property by counties, school districts, and municipalities; repealing a provision relating to the property appraiser’s assessments and effect of determinations by value adjustment boards; repealing a provision relating to extending the date for filing tangible personal property tax returns; repealing a provision relating to tax returns to show all exemptions and claims, etc. Effective Date: On the effective date of the amendment to the State Constitution proposed by SJR 550 or a similar joint resolution having substantially the same specified intent and purpose, if such amendment to the State Constitution is approved at the next general election or at an earlier special election specifically authorized by law for that purpose

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