Senate Bill 560
Introduced Senate Bill (S)
DIGEST
Property taxes and sales and use taxes. Eliminates property taxes on primary residences (homesteads) and business personal property. Decreases the state sales and use tax rate from 7% to 5.5%. Provides that the sales and use tax applies to transactions involving services, except for legal services, health or mental health services (including insurance premiums for policies covering these services), and services provided for charitable tax exempt purposes. Deposits the increased sales and use tax revenue in the state general fund. Provides an annual state distribution to offset the property tax elimination for homesteads and business personal property based on the
Property taxes and sales and use taxes. Eliminates property taxes on primary residences (homesteads) and business personal property. Decreases the state sales and use tax rate from 7% to 5.5%. Provides that the sales and use tax applies to transactions involving services, except for legal services, health or mental health services (including insurance premiums for policies covering these services), and services provided for charitable tax exempt purposes. Deposits the increased sales and use tax revenue in the state general fund. Provides an annual state distribution to offset the property tax elimination for homesteads and business personal property based on the
amount of property taxes that otherwise would be due on these homesteads and business personal property. Prohibits changes in homestead and business personal property tax deductions, credits, and abatements that were in effect December 31, 2014. Increases the maximum renter's deduction for income tax purposes from $3,000 to $8,000 per taxable year. Makes conforming changes. Makes technical corrections. Makes an ongoing appropriation.
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