First Regular Session
Sixty-second General Assembly
LLS NO. 99-0392.02 Jason Gelender HOUSE BILL 99-1007
STATE OF COLORADO
BY REPRESENTATIVE Hefley
FINANCE
A BILL FOR AN ACT
101 CONCERNING THE REDUCTION OF TAXES.
Bill Summary
(Note: This summary applies to this bill as introduced and does
not necessarily reflect any amendments that may be subsequently
adopted.)
For income tax years commencing on or after January 1, 2000,
eliminates the state income tax marriage penalty by:
Reducing the Colorado taxable income of Colorado
resident individuals who claim the standard deduction on
a joint federal income tax return through an adjustment to
their federal taxable income in an amount equal to the
difference between an amount equal to double the amount
of the federal basic standard deduction for an individual
who is not the head of a household and the amount of the
federal basic standard deduction for joint filers;
Reducing the Colorado taxable income of Colorado
resident individuals who claim itemized deductions on a
joint federal income tax return in an amount greater than
the amount of the federal basic standard deduction for joint
filers, but less than an amount equal to double the amount
of the federal basic standard deduction for an individual
who is not the head of a household, through an adjustment
to their federal taxable income in an amount equal to the
difference between an amount equal to double the amount
of the federal basic standard deduction for an individual
who is not the head of a household and the amount of the
itemized deductions claimed; and
Making a conforming amendment.
Effective July 1, 1999, exempts all sales and purchases of clothing
[ ] denotes HOUSE amendment. { } denotes SENATE amendment.
Capital letters indicate new material to be added to existing statute.
Dashes through the words indicate material to be deleted from existing statute.
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from the state sales and use tax. Requires any local governmental entity
that presently imposes a sales tax on such sales and purchases to continue
to impose such tax unless it adopts an ordinance or resolution that
explicitly exempts such sales and purchases from the sales tax.
Effective January 1, 2000, reduces the amount of graduated annual
specific ownership taxes imposed on motor vehicles, trailers, mobile
machinery, and self-propelled construction equipment.
1 Be it enacted by the General Assembly of the State of Colorado:
2 SECTION 1. 39-22-104 (3) (d), Colorado Revised Statutes, is
3 amended to read:
4 39-22-104. Income tax imposed on individuals, estates, and
5 trusts - single rate. (3) There shall be added to federal taxable income:
6 (d) (I) For income tax years beginning on and after January 1,
7 1992, for those taxpayers who deduct state income taxes pursuant to
8 section 164 (a) (3) of the internal revenue code, an amount equal to the
9 deduction claimed; except that such amount shall be limited to the
10 amount required to reduce the federal itemized amount computed under
11 section 161 of the internal revenue code to the amount of the standard
12 deduction allowable under section 63 (c) of the internal revenue code;
13 (II) FOR INCOME TAX YEARS BEGINNING ON OR AFTER JANUARY 1,
14 2000, FOR TWO INDIVIDUALS WHOSE FEDERAL TAXABLE INCOME IS
15 DETERMINED ON A JOINT FEDERAL RETURN AND WHO DEDUCT STATE
16 INCOME TAXES PURSUANT TO SECTION 164 (a) (3) OF THE INTERNAL
17 REVENUE CODE, AN AMOUNT EQUAL TO THE DEDUCTION CLAIMED; EXCEPT
18 THAT SUCH AMOUNT SHALL BE LIMITED TO THE AMOUNT REQUIRED TO
19 REDUCE THE FEDERAL ITEMIZED AMOUNT COMPUTED UN DER SECTION 161
20 OF THE INTERNAL REVENUE CODE TO AN AMOUNT EQUAL TO DOUBLE THE
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1 AMOUNT OF THE BASIC STANDARD DEDUCTION ALLOWABLE UNDER
2 SECTION 63 (c) (2) OF THE INTERNAL REVENUE CODE IN THE CASE OF AN
3 INDIVIDUAL FEDERAL RETURN FOR AN INDIVIDUAL WHO IS NOT THE HEAD
4 OF A HOUSEHOLD.
5 SECTION 2. 39-22-104 (4), Colorado Revised Statutes, is
6 amended BY THE ADDITION OF THE FOLLOWING NEW
7 PARAGRAPHS to read:
8 39-22-104. Income tax imposed on individuals, estates, and
9 trusts - single rate. (4) There shall be subtracted from federal taxable
10 income:
11 (j) FOR INCOME TAX YEARS COMMENCING ON OR AFTER JANUARY
12 1, 2000, FOR TWO INDIVIDUALS WHOSE FEDERAL TAXABLE INCOME IS
13 DETERMINED ON A JOINT FEDERAL RETURN AND WHO CLAIM THE BASIC
14 STANDARD DEDUCTION ALLOWABLE UNDER SECTION 63 (c) (2) OF THE
15 INTERNAL REVENUE CODE, AN AMOUNT EQUAL TO THE DIFFERENCE
16 BETWEEN AN AMOUNT EQUAL TO DOUBLE THE AMOUNT OF THE BASIC
17 STANDARD DEDUCTION ALLOWABLE UNDER SECTION 63 (c) (2) OF THE
18 INTERNAL REVENUE CODE IN THE CASE OF AN INDIVIDUAL FEDERAL
19 RETURN FOR AN INDIVIDUAL WHO IS NOT THE HEAD OF A HOUSEHOLD AND
20 THE AMOUNT OF THE BASIC STANDARD DEDUCTION ALLOWABLE UNDER
21 SECTION 63 (c) (2) OF THE INTERNAL REVENUE CODE IN THE CASE OF A
22 JOINT FEDERAL RETURN.
23 (k) FOR INCOME TAX YEARS COMMENCING ON OR AFTER JANUARY
24 1, 2000, FOR TWO INDIVIDUALS WHOSE FEDERAL TAXABLE INCOME IS
25 DETERMINED ON A JOINT FEDERAL RETURN AND WHO CLAIM ITEMIZED
26 DEDUCTIONS IN AN AMOUNT THAT IS GREATER THAN THE AMOUNT OF THE
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1 BASIC STANDARD DEDUCTION ALLOWABLE UNDER SECTION 63 (c) (2) OF
2 THE INTERNAL REVENUE CODE IN THE CASE OF A JOINT FEDERAL RETURN,
3 BUT LESS THAN DOUBLE THE AMOUNT OF THE BASIC STANDARD DEDUCTION
4 ALLOWABLE UNDER SECTION 63 (c) (2) OF THE INTERNAL REVENUE CODE
5 IN THE CASE OF AN INDIVIDUAL FEDERAL RETURN FOR AN INDIVIDUAL WHO
6 IS NOT THE HEAD OF A HOUSEHOLD, AN AMOUNT EQUAL TO THE
7 DIFFERENCE BETWEEN AN AMOUNT EQUAL TO DOUBLE THE AMOUNT OF
8 SUCH BASIC STANDARD DEDUCTION ALLOWABLE IN THE CASE OF AN
9 INDIVIDUAL FEDERAL RETURN FOR AN INDIVIDUAL WHO IS NOT THE HEAD
10 OF A HOUSEHOLD AND THE AMOUNT OF THE ITEMIZED DEDUCTIONS
11 CLAIMED BY THE RESIDENT INDIVIDUALS.
12 SECTION 3. 39-26-114, Colorado Revised Statutes, is amended
13 BY THE ADDITION OF A NEW SUBSECTION to read:
14 39-26-114. Exemptions - disputes - credits or refunds.
15 (20) EFFECTIVE JULY 1, 1999, ALL SALES AND PURCHASES OF CLOTHING
16 SHALL BE EXEMPT FROM TAXATION UNDER THIS PART 1.
17 SECTION 4. 39-26-203 (1), Colorado Revised Statutes, is
18 amended BY THE ADDITION OF A NEW PARAGRAPH to read:
19 39-26-203. Exemptions. (1) This part 2 is declared to be
20 supplementary to the "Emergency Retail Sales Tax Law of 1935", part 1
21 of this article, and shall not apply:
22 (hh) EFFECTIVE JULY 1, 1999, TO THE STORAGE, USE, OR
23 CONSUMPTION OF CLOTHING.
24 SECTION 5. 29-2-105 (1) (d), Colorado Revised Statutes, is
25 amended to read:
26 29-2-105. Contents of sales tax ordinances and proposals.
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1 (1) The sales tax ordinance or proposal of any incorporated town, city,
2 or county adopted pursuant to this article shall be imposed on the sale of
3 tangible personal property at retail or the furnishing of services, as
4 provided in paragraph (d) of this subsection (1). Any countywide or
5 incorporated town or city sales tax ordinance or proposal shall include the
6 following provisions:
7 (d) A provision that the tangible personal property and services
8 taxable pursuant to this article shall be the same as the tangible personal
9 property and services taxable pursuant to section 39-26-104, C.R.S., and
10 subject to the same exemptions as those specified in section 39-26-114,
11 C.R.S., except the exemption allowed by section 39-26-114 (11), C.R.S.,
12 for purchases of machinery or machine tools, the exemption of sales and
13 purchases of those items in section 39-26-114 (1) (a) (XXI), C.R.S., the
14 exemption for sales of food specified in section 39-26-114 (1) (a) (XX),
15 C.R.S., and the exemption for occasional sales by a charitable
16 organization set forth in section 39-26-114 (18), C.R.S., AND THE
17 EXEMPTION FOR SALES OF CLOTHING AS PROVIDED IN SECTION 39-26-114
18 (20), C.R.S. Sales of food, as defined in section 39-26-102 (4.5), C.R.S.,
19 exempted from the state sales tax pursuant to section 39-26-114 (1) (a)
20 (XX), C.R.S., sales and purchases of those items exempted from the state
21 sales tax pursuant to section 39-26-114 (1) (a) (XXI), C.R.S., purchases
22 of machinery or machine tools as provided in section 39-26-114 (11),
23 C.R.S., or occasional sales by a charitable organization as provided in
24 section 39-26-114 (18), C.R.S., OR SALES OF CLOTHING AS PROVIDED IN
25 SECTION 39-26-114 (20), C.R.S., may be exempted from said town, city,
26 or county sales tax only by the express inclusion of such exemption either
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1 at the time of adoption of the initial sales tax ordinance or resolution or
2 by amendment thereto. Any such amendment shall be adopted in the
3 same manner as the initial ordinance or resolution. In the absence of
4 express provision for the exemption for sales of food, as defined in
5 section 39-26-102 (4.5), C.R.S., or purchases of machinery or machine
6 tools as provided in section 39-26-114 (11), C.R.S., or exemption of sales
7 and purchases of those items in section 39-26-114 (1) (a) (XXI), C.R.S.,
8 or exemption of occasional sales by a charitable organization as provided
9 in section 39-26-114 (18), C.R.S., OR SALES OF CLOTHING AS PROVIDED
10 IN SECTION 39-26-114 (20), C.R.S., all sales tax ordinances or resolutions,
11 whether adopted prior to, on, or subsequent to July 1, 1979, which
12 provide in substance that the tangible personal property and services
13 taxed shall be the same as the tangible personal property and services
14 taxable pursuant to section 39-26-104, C.R.S., or any predecessor statute,
15 and subject to the same exemptions as those specified in section
16 39-26-114, C.R.S., or any predecessor statute, shall be construed as
17 imposing or continuing to impose the town, city, or county sales tax on
18 food, as defined in section 39-26-102 (4.5), C.R.S., purchases of
19 machinery and machine tools as described in section 39-26-114 (11),
20 C.R.S., sales or purchases of those items described in section 39-26-114
21 (1) (a) (XXI), C.R.S., and occasional sales by a charitable organization as
22 described in section 39-26-114 (18), C.R.S., AND SALES OF CLOTHING AS
23 PROVIDED IN SECTION 39-26-114 (20), C.R.S. The regional transportation
24 district may, in its discretion, continue to levy a sales tax on purchases of
25 machinery or machine tools, as provided in section 39-26-114 (11),
26 C.R.S.
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1 SECTION 6. 32-9-119 (2) (a), Colorado Revised Statutes, is
2 amended to read:
3 32-9-119. Additional powers of district. (2) (a) To provide
4 revenue to finance the operations of the district, to defray the cost of
5 construction of capital improvements and acquisition of capital
6 equipment, and to pay the interest and principal on securities of the
7 district, the board, for and on behalf of the district after approval by
8 election held pursuant to articles 1 to 13 of title 1, C.R.S., shall have the
9 power to levy uniformly throughout the district a sales tax at the rate of
10 six-tenths of one percent upon every transaction or other incident with
11 respect to which a sales tax is now levied by the state, pursuant to the
12 provisions of article 26 of title 39, C.R.S. FOR AS LONG AS SUCH SALES
13 TAX IS LEVIED, IT SHALL ALSO BE LEVIED UPON ALL SALES AND PURCHASES
14 OF CLOTHING, NOTWITHSTANDING THE REMOVAL OF SUCH SALES AND
15 PURCHASES FROM THE STATE SALES TAX BASE PURSUANT TO HOUSE BILL
16 99-____, ENACTED AT THE FIRST REGULAR SESSION OF THE SIXTY-SECOND
17 GENERAL ASSEMBLY, UNLESS THE DISTRICT ADOPTS A RESOLUTION THAT
18 EXEMPTS SUCH SALES FROM THE SALES TAX.
19 SECTION 7. 32-13-105 (4) (a), Colorado Revised Statutes, is
20 amended to read:
21 32-13-105. Authorizing elections - repeal. (4) (a) For purposes
22 of complying with the provisions of section 20 (4) of article X of the state
23 constitution and upon proper submittal of a valid initiative petition to or
24 upon the adoption of a resolution by the board of the district created in
25 section 32-13-104, the district may submit to the registered electors
26 within the geographical boundaries of the district, at a general election or
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1 an election held on the first Tuesday in November of an odd-numbered
2 year, the question of whether the district shall be authorized to levy and
3 collect the following sales and use taxes in lieu of the sales and use taxes
4 specified in subsection (1) of this section for a period of time not to
5 exceed ten years from the date upon which the authority of the district to
6 levy and collect the sales and use taxes specified in subsection (1) of this
7 section is scheduled to expire:
8 (I) A uniform sales and use tax throughout said geographical area
9 at a rate of fifty-nine one-thousandths of one percent upon every
10 transaction or other incident with respect to which a sales and use tax is
11 levied by the state, pursuant to the provisions of article 26 of title 39,
12 C.R.S., except such sales and use tax shall be levied on purchases of
13 machinery or machine tools which are otherwise exempt pursuant to
14 section 39-26-114 (11), C.R.S., to the extent such purchases are subject
15 to a sales and use tax levied by the regional transportation district
16 pursuant to section 29-2-105 (1) (d), C.R.S. FOR AS LONG AS SUCH SALES
17 AND USE TAX IS LEVIED, IT SHALL ALSO BE LEVIED UPON ALL SALES AND
18 PURCHASES OF CLOTHING, NOTWITHSTANDING THE REMOVAL OF SUCH
19 SALES AND PURCHASES FROM THE STATE SALES TAX BASE PURSUANT TO
20 HOUSE BILL 99-____, ENACTED AT THE FIRST REGULAR SESSION OF THE
21 SIXTY-SECOND GENERAL ASSEMBLY, UNLESS THE DISTRICT ADOPTS A
22 RESOLUTION THAT EXEMPTS SUCH SALES AND PURCHASES FROM THE SALES
23 AND USE TAX. THE REVENUES GENERATED BY THE SALES AND USE TAX
24 SHALL to be distributed to the Denver museum of natural history, the
25 Denver zoological gardens, the Denver art museum, and the Denver
26 botanical gardens pursuant to the provisions of section 32-13-107 (3) (a);
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1 (II) A uniform sales and use tax throughout said geographical area
2 at a rate of twenty-eight one-thousandths of one percent upon every
3 transaction or other incident with respect to which a sales and use tax is
4 levied by the state, pursuant to the provisions of article 26 of title 39,
5 C.R.S., except such sales and use tax shall be levied on purchases of
6 machinery or machine tools which are otherwise exempt pursuant to
7 section 39-26-114 (11), C.R.S., to the extent such purchases are subject
8 to a sales and use tax levied by the regional transportation district
9 pursuant to section 29-2-105 (1) (d), C.R.S. FOR AS LONG AS SUCH SALES
10 AND USE TAX IS LEVIED, IT SHALL ALSO BE LEVIED UPON ALL SALES AND
11 PURCHASES OF CLOTHING, NOTWITHSTANDING THE REMOVAL OF SUCH
12 SALES AND PURCHASES FROM THE STATE SALES TAX BASE PURSUANT TO
13 HOUSE BILL 99-____, ENACTED AT THE FIRST REGULAR SESSION OF THE
14 SIXTY-SECOND GENERAL ASSEMBLY, UNLESS THE DISTRICT ADOPTS A
15 RESOLUTION THAT EXEMPTS SUCH SALES AND PURCHASES FROM THE SALES
16 AND USE TAX. THE REVENUES GENERATED BY THE SALES AND USE TAX
17 SHALL to be distributed to scientific and cultural facilities pursuant to the
18 provisions of section 32-13-107 (3) (b);
19 (III) A uniform sales and use tax throughout said geographical
20 area at a rate of thirteen one-thousandths of one percent upon every
21 transaction or other incident with respect to which a sales and use tax is
22 levied by the state, pursuant to the provisions of article 26 of title 39,
23 C.R.S., except such sales and use tax shall be levied on purchases of
24 machinery or machine tools which are otherwise exempt pursuant to
25 section 39-26-114 (11), C.R.S., to the extent such purchases are subject
26 to a sales and use tax levied by the regional transportation district
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1 pursuant to section 29-2-105 (1) (d), C.R.S. FOR AS LONG AS SUCH SALES
2 AND USE TAX IS LEVIED, IT SHALL ALSO BE LEVIED UPON ALL SALES AND
3 PURCHASES OF CLOTHING, NOTWITHSTANDING THE REMOVAL OF SUCH
4 SALES AND PURCHASES FROM THE STATE SALES TAX BASE PURSUANT TO
5 HOUSE BILL 99-____, ENACTED AT THE FIRST REGULAR SESSION OF THE
6 SIXTY-SECOND GENERAL ASSEMBLY, UNLESS THE DISTRICT ADOPTS A
7 RESOLUTION THAT EXEMPTS SUCH SALES AND PURCHASES FROM THE SALES
8 AND USE TAX. THE REVENUES GENERATED BY THE SALES AND USE TAX
9 SHALL to be distributed to scientific and cultural facilities pursuant to the
10 provisions of section 32-13-107 (3) (c).
11 SECTION 8. 32-13-107 (1) (a), Colorado Revised Statutes, is
12 amended to read:
13 32-13-107. Sales and use tax imposed - collection -
14 administration of tax - use. (1) (a) Except as otherwise provided in
15 paragraph (b) of this subsection (1), upon the approval of the registered
16 electors pursuant to the provisions of section 32-13-105, the board shall
17 have the power to levy such uniform sales and use taxes throughout the
18 district created in section 32-13-104 upon every transaction or other
19 incident with respect to which a sales and use tax is levied by the state,
20 pursuant to the provisions of article 26 of title 39, C.R.S., except such
21 sales and use tax TAXES shall be levied on purchases of machinery or
22 machine tools which are otherwise exempt pursuant to section 39-26-114
23 (11), C.R.S., to the extent such purchases are subject to a sales and use
24 tax levied by the regional transportation district pursuant to section
25 29-2-105 (1) (d), C.R.S., on and after the January 1 following the election
26 in which such sales and use taxes were approved. FOR AS LONG AS ANY
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1 SUCH SALES AND USE TAXES ARE LEVIED, THEY SHALL ALSO BE LEVIED
2 UPON ALL SALES AND PURCHASES OF CLOTHING, NOTWITHSTANDING THE
3 REMOVAL OF SUCH SALES AND PURCHASES FROM THE STATE SALES TAX
4 BASE PURSUANT TO HOUSE BILL 99-____, ENACTED AT THE FIRST REGULAR
5 SESSION OF THE SIXTY-SECOND GENERAL ASSEMBLY, UNLESS THE DISTRICT
6 ADOPTS A RESOLUTION THAT EXEMPTS SUCH SALES AND PURCHASES FROM
7 THE SALES AND USE TAXES.
8 SECTION 9. 32-14-114 (1), Colorado Revised Statutes, is
9 amended to read:
10 32-14-114. Sales tax imposed - collection - administration of
11 tax - discontinuance. (1) Upon the approval of the registered electors
12 pursuant to the provisions of section 32-14-105 and upon the granting of
13 a major league baseball franchise by major league baseball to be located
14 in the district, the board shall have the power to levy such uniform sales
15 tax for a period not to exceed twenty years throughout the district created
16 in section 32-14-104 upon every transaction or other incident with respect
17 to which a sales tax is levied by the state, pursuant to the provisions of
18 article 26 of title 39, C.R.S.; except that such sales tax shall be levied on
19 purchases of machinery or machine tools which are otherwise exempt
20 pursuant to section 39-26-114 (11), C.R.S., to the extent that such
21 purchases are subject to the sales tax levied by the regional transportation
22 district pursuant to section 29-2-105 (1) (d), C.R.S., on and after the
23 January 1 following the adoption of a resolution by the board. FOR AS
24 LONG AS ANY SUCH SALES TAX IS LEVIED, IT SHALL ALSO BE LEVIED UPON
25 ALL SALES AND PURCHASES OF CLOTHING, NOTWITHSTANDING THE
26 REMOVAL OF SUCH SALES AND PURCHASES FROM THE STATE SALES TAX
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1 BASE PURSUANT TO HOUSE BILL 99-____, ENACTED AT THE FIRST REGULAR
2 SESSION OF THE SIXTY-SECOND GENERAL ASSEMBLY, UNLESS THE DISTRICT
3 ADOPTS A RESOLUTION THAT EXEMPTS SUCH SALES AND PURCHASES FROM
4 THE SALES TAX.
5 SECTION 10. 32-15-110 (1), Colorado Revised Statutes, is
6 amended to read:
7 32-15-110. Sales tax imposed - collection - administration of
8 tax - discontinuance. (1) Upon the approval of the registered electors
9 pursuant to the provisions of section 32-15-107, the board shall have the
10 power to levy such uniform sales tax upon the adoption of a resolution for
11 a period commencing after the termination of the sales tax levied and
12 collected by the Denver metropolitan major league baseball stadium
13 district pursuant to section 32-14-105 and continuing for a period not to
14 extend beyond January 1, 2012, throughout the district created in section
15 32-15-104 upon every transaction or other incident with respect to which
16 a sales tax is levied by the state, pursuant to the provisions of article 26
17 of title 39, C.R.S.; except that such sales tax shall be levied on purchases
18 of machinery or machine tools that are otherwise exempt pursuant to
19 section 39-26-114 (11), C.R.S., to the extent that such purchases are
20 subject to the sales tax levied by the regional transportation district
21 pursuant to section 29-2-105 (1) (d), C.R.S. FOR AS LONG AS SUCH SALES
22 TAX IS LEVIED, IT SHALL ALSO BE LEVIED UPON ALL SALES AND PURCHASES
23 OF CLOTHING, NOTWITHSTANDING THE REMOVAL OF SUCH SALES AND
24 PURCHASES FROM THE STATE SALES TAX BASE PURSUANT TO HOUSE BILL
25 99-____, ENACTED AT THE FIRST REGULAR SESSION OF THE SIXTY-SECOND
26 GENERAL ASSEMBLY, UNLESS THE DISTRICT ADOPTS A RESOLUTION THAT
Page 13
1 EXEMPTS SUCH SALES AND PURCHASES FROM THE SALES TAX.
2 SECTION 11. 42-3-107 (2), (8), (10), (13), and (15) (d),
3 Colorado Revised Statutes, are amended to read:
4 42-3-107. Taxable value of classes of property - rate of tax -
5 when and where payable - department duties - apportionment of tax
6 collections. (2) The annual specific ownership tax payable on every item
7 of Class A personal property shall be computed in accordance with the
8 following schedule:
9 Year of service Rate of tax
10 First year 2.10% 1.0% of taxable value
11 Second year 1.50% .75% of taxable value
12 Third year 1.20% .50% of taxable value
13 Fourth year .90% .25% of taxable value
14 Fifth sixth, seventh, eighth,
15 and ninth years .45% of taxable value or $10,
16 whichever is greater
17 Tenth and each later year $ 3
18 (8) The annual specific ownership tax payable on every item of
19 Class B personal property shall be computed in accordance with the
20 following schedule:
21 Year of service Rate of tax
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1 First year 2.10% 1.0% of taxable value
2 Second year 1.50% .75% of taxable value
3 Third year 1.20% .50% of taxable value
4 Fourth year .90% .25% of taxable value
5 Fifth sixth, seventh, eighth,
6 and ninth years .45% of taxable value or $10,
7 whichever is greater
8 Tenth and each later year $ 3
9 (10) The annual specific ownership tax payable on every item of
10 Class C personal property shall be computed in accordance with the
11 following schedule:
12 Year of service Rate of tax
13 First year 2.10% 1.0% of taxable value
14 Second year 1.50% .75% of taxable value
15 Third year 1.20% .50% of taxable value
16 Fourth year .90% .25% of taxable value
17 Fifth sixth, seventh, eighth,
18 and ninth years .45% of taxable value
19 Tenth and each later year $ 3
20 (13) The annual specific ownership tax payable on every item of
21 Class D personal property shall be computed in accordance with the
22 following schedule:
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1 Year of service Rate of tax
2 First year 2.10% 1.0% of taxable value
3 Second year 1.50% .75% of taxable value
4 Third year 1.20% .50% of taxable value
5 Fourth year .90% .25% of taxable value
6 Fifth sixth, seventh, eighth,
7 and ninth years .45% of taxable value
8 Tenth and each later year .45% of taxable value or $ 3
9 whichever is greater
10 (15) (d) The annual specific ownership tax payable on each item
11 of Class F personal property shall be computed in accordance with the
12 following schedule:
13 Year of service Rate of tax
14 First year 2.10% 1.0% of taxable value
15 Second year 1.50% .75% of taxable value
16 Third year 1.25% .50% of taxable value
17 Fourth year 1.00% .25% of taxable value
18 Fifth year .75% of taxable value
19 Sixth and each later year .50% of taxable value, but not less than $ 5 $ 25
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1 SECTION 12. Effective date. Sections 1 through 10 of this act
2 shall take effect July 1, 1999. Section 11 of this act shall take effect
3 January 1, 2000.
4 SECTION 13. Safety clause. The general assembly hereby
5 finds, determines, and declares that this act is necessary for the immediate
6 preservation of the public peace, health, and safety.