2004 Senate Bill 1185 ↩

House Roll Call 1091: Passed

To change the penalty for failing to properly file a personal property tax return from 1.25 percent per month to 1.0 percent per month plus interest at the 91-day treasury bill rate, plus one percent; and require a waiver of the penalty if the failure was due to a reasonable cause. Also, to revise the procedure for property that had been incorrectly reported or omitted in any of the previous tax years. The so-called “personal property tax” is assessed on the tools and capital equipment used by a business, and is levied in the same manner as regular real estate property taxes. Also, to prohibit the state tax Commission and a local tax collecting unit from "looking back" more than two years to determine whether a business may have incorrectly reported its capital equipment subject to property tax, and whether it may then owe more tax, plus penalties and interest.