House Bill 1402
Introduced House Bill (H)
DIGEST
Taxation of heavy equipment. Converts the taxation of motorized heavy equipment vehicles from the property tax to an excise tax. Excludes motorized heavy equipment vehicles from property tax assessment in 2014. Provides that motorized heavy equipment vehicles are subject to registration with the department of state revenue and the excise tax beginning in 2015. Imposes a rental excise tax on the rental of motorized heavy equipment vehicles beginning in 2014. Provides a credit against the excise tax equal to the rental excise taxes paid in the preceding calendar year.
Taxation of heavy equipment. Converts the taxation of motorized heavy equipment vehicles from the property tax to an excise tax. Excludes motorized heavy equipment vehicles from property tax assessment in 2014. Provides that motorized heavy equipment vehicles are subject to registration with the department of state revenue and the excise tax beginning in 2015. Imposes a rental excise tax on the rental of motorized heavy equipment vehicles beginning in 2014. Provides a credit against the excise tax equal to the rental excise taxes paid in the preceding calendar year.
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