Commercial property tax plan advances  

A Senate panel gave unanimous support Tuesday to a commercial property tax reduction plan targeting relief to job-generating small businesses.The Senate Ways and Means Committee endorsed majority Democrats' plan to provide $50 million in permanent tax relief beginning in July 2012 by establishing that the first $32,000 of assessed value for commercial and industrial property would be taxed at the same rate as residential homes. That could provide an average of nearly $600 per commercial parcel in the first year, with the program to grow incrementally by $50 million for four years with a proviso that yearly state revenue would have to grow by at least 4 percent to trigger the relief.

AddThis Social Bookmark Button


Post a Comment

Energy News from the World

Energy News from the World
Editors Pick