SB320

Expands property tax exemption to include commercial and industrial machinery and equipment acquired or transported into Kansas on or before June 30.

This bill amends Kansas law to expand the property tax exemption to include commercial and industrial machinery and equipment acquired or transported into the state on or before June 30, 2006. The exemption applies to machinery and equipment used in expanding existing businesses or creating new businesses. The bill also authorizes the secretary of revenue to adopt rules and regulations to administer the provisions of this section. The county appraiser is prohibited from reclassifying any property that is properly classified for property tax purposes.