SB 196
Modifies provisions relating to the classification of certain property
Sponsor:
LR Number:
0786S.02I
Committee:
Last Action:
3/11/2021 - Voted Do Pass S Ways and Means Committee
Journal Page:
Title:
Calendar Position:
Effective Date:
August 28, 2021

Current Bill Summary

SB 196 - 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)

Beginning January 1, 2021, 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 substantially similar to SCS/SB 785 (2020) and HCS/HB 1907 (2020).

JOSH NORBERG

Amendments

No Amendments Found.