2004 Senate Bill 1185 ↩

Senate Roll Call 764: 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.