Staff Analysis of the Legislation
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SUMMARY: LC 43 2167 LC 43 2338S
Provides for a statewide exemption from all ad valorem taxes for timber equipment. It adds definitions for timber equipment, timber producer, and timber products. It requires a statewide referendum on the November 2022 ballot. The question would be:
Shall the Act be approved which grants a statewide exemption from ad valorem taxes for certain equipment used by timber producers in the production or harvest of timber?
EFFECTIVE DATE: If it receives a 2/3 vote in each chamber and is passed by voters, it would be effective January 1, 2023 |