Allows heavy equipment rental businesses to charge a recovery fee to renters for ad valorem taxes.
This bill allows heavy equipment rental businesses to charge a recovery fee of up to 2% of the rental charge for each item of heavy equipment rented. The recovery fee is intended to cover ad valorem taxes levied on the rental business's heavy equipment. Any excess recovery fees collected in a year can be held and applied to taxes in subsequent years. The bill specifies that recovery fees do not constitute trust fund monies and do not exempt rental equipment from other taxes.
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