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SCS/SB 785 - This act reclassifies stationary property used for transportation or storage of liquid and gaseous products, including, but not limited to, petroleum products, natural gas that is not propane or LP gas, water, and sewage, from real property to tangible personal property. (Section 137.010) This act also modifies the definition of "original cost" for the purposes of depreciable tangible personal property to exclude capitalized overhead expenses. Beginning January 1, 2020, the provisions of current law relating to depreciable tangible personal property shall apply to all stationary property used for transportation or storage of liquid and gaseous products, including, but not limited to, petroleum products, natural gas that is not LP gas, water, and sewage that was or will be placed in service at any time. (Section 137.122) This act is identical to HCS/HB 1907 (2020). JOSH NORBERG
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