To revise details of a 2012 law
that exempts from property tax up to $80,000 ($40,000 in “taxable value”) worth of tools and equipment owned or leased by a business in a particular jurisdiction. (This so-called "personal property tax" imposes annual property taxes on business tools and equipment.) The bill would empower local assessors to retroactively deny exemptions for the three past years; authorize criminal penalties for claiming the exemption on ineligible property; revise details of the definition of what property is eligible; revise procedures for claiming the exemption; impose new record-keeping requirements on businesses; and more. It is considered a "clean up" of provisions in that 2012 law.