Legislators passed a big tax bill, Senate Bill 1. It phases down the corporate income taxes and gives counties the option to exempt small businesses from property taxes on their equipment and the option to exempt new equipment. The bill also creates a commission on business personal property and business taxation, which will include legislators, appointees of the governor and business and local government representatives, among others.
The bill didn’t eliminate the property tax on business equipment. That idea didn’t make it into a bill during the session. Perhaps the results of the Legislative Services Agency’s report on the concept discouraged legislative proposals.
Businesses pay about a billion dollars in property taxes on equipment. If the taxes were eliminated, about a third of that billion would shift to other taxpayers and two-thirds would be lost revenue for local governments. That’s big money.