Issue link: https://digital.copcomm.com/i/706050
SUMMER 2016 | ADVOCATE 11 at the capitol Tax Package The package contains several 13 separate items, including TPT exemptions, tax credits and rate adjustments, adding up to an ongoing $25,939,600 General Fund revenue loss. Many of these items are separate bills: 1. $18,000 - TPT exemption of agricultural aircraft sales proceeds. (HB2133) 2. $3,000,000 - Reduces tax rates on all insurance premiums except fi re, health service and disability insurance. (HB2002) 3. $1,300,000 - TPT exemption of fi ne art sales proceeds (HB2436) 4. $1,000,000 – TPT exemption for sales of livestock/poultry feed to non-commercial users (HB2326) 5. $91,000 – TPT exemption of propane under specifi ed circumstances. (SB2025) 6. $10,000 – TPT exemption of billboard leases/rentals (SB1310) 7. $870,000 – TPT and Use tax exemptions for gas transportation services. (SB1505) 8. $2,600,000 - Increases the amount a taxpayer may claim for the Charitable Donation Tax Credit, retroactively effective January 1, 2016 (SB1216): a. $200 to $400 for individuals b. $400 to $800 for married couples c. If it's a Foster Care Charitable Organization: i. $400 to $500 for individuals ii. $800 to $1,000 9. $1,700,000 – allows Charitable Donation Tax Credit contributions made on or before April 15th applicable to the current or preceding tax year, retroactively effective January 1, 2016. (SB1212) 10. $350,000 – classifi es property used by higher education institution as Class 6 for property tax purposes (Grand Canyon University). 11. $8,000,000 – Increases the bonus depreciation allowance taxpayers may deduct on individual income taxes from 10%to 55% in TY16, from 55% to 100% in TY17 and beyond (based on federal allowance). (HB 2697) 12. $7,000,000 – Manufacturing partial year (HB2676) C M Y CM MY CY CMY K