|SB 0412||Enables tangible personal property to be depreciated in a scheduled manner|
|LR Number:||1355S.01I||Fiscal Note:||1355-01|
|Committee:||Ways and Means|
|Last Action:||03/04/03 - Hearing Conducted S Ways and Means Committee||Journal page:|
|Effective Date:||August 28, 2003|
SB 412 - This act permits the scheduled depreciation of certain tangible personal property. The act allows for certain property to be depreciated, including every tangible thing that is the subject of ownership, including all machinery, equipment, support machinery and equipment, either loose or temporarily affixed to real property, which is used in a trade or business or used for the production of, but not including livestock, farm machinery, property subject to the motor vehicle registration provisions of Chapter 301, RSMo, nor property assessed by the state Tax Commission.
The act establishes depreciable tangible personal property as subclass of tangible property. The depreciated value is equal to the true value in money of the property as determined buy applying the depreciation factor established in the act. The act provides a table for such depreciation and provides exceptions for idle property. Depreciable tangible personal property is to be assessed at one-third of its true value in money.
The state Tax Commission shall approve forms supplied by the assessor for listing such property. The owners of the property, or people holding the property under their care will be required to complete the lists.
A separate levy will be calculated for this new class of property. A political subdivision will be able to adjust its tax levy, up to the voter approved maximum, on such property to make up for any lost revenue, as compared to the previous year, as a result of establishing the new subclass of depreciable tangible personal property.
The act extends the right of appeal to the state Tax
Commission to the county assessors and license collectors. When
an appeal is filed the commission must notify the appropriate
county clerk. The county clerk shall then notify each political
subdivision wholly or partly within the county.