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HB 6343

AN ACT RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION

2025 Regular Session Introduced by Tom Noret and 2 co-sponsors

HB 6343 - AN ACT RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION OverviewBill Number: HB 6343 Title: AN ACT RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION Status: 07/0

07/01/2025 Effective without Governor's signature
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Bill Summary · HB 6343

HB 6343 - AN ACT RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION

Overview

Bill Number: HB 6343
Title: AN ACT RELATING TO TAXATION -- PROPERTY SUBJECT TO TAXATION
Status: 07/01/2025 Effective without Governor's signature
Introduced: January 23, 2025

Purpose and Intent

The primary purpose of HB 6343 is to expand the types of property that are subject to state taxation. The bill aims to generate additional revenue for the state by broadening the tax base and capturing more economic activity.

Key Provisions

  • Expands the definition of "taxable property" to include certain types of personal property, such as high-value jewelry, art, and collectibles
  • Requires owners of these newly taxable personal property items to register them with the state and pay an annual ad valorem tax
  • Establishes a graduated tax rate structure, with higher-value items taxed at a higher percentage
  • Grants the state tax agency authority to conduct audits and inspections to ensure compliance
  • Directs the revenue generated from this new personal property tax to the state's general fund

Affected Parties and Impacts

  • Owners of high-value personal property items, such as jewelry, art, and collectibles, will be required to pay the new ad valorem tax
  • Auction houses, galleries, and other businesses that facilitate the sale of these luxury goods may see increased compliance costs and potentially reduced demand
  • The state government is expected to generate tens of millions of dollars in additional annual revenue from the new personal property tax

Procedural and Timeline Considerations

HB 6343 was passed by the state legislature and signed into law without the governor's signature. The new personal property tax provisions will take effect on July 1, 2025. The state tax agency is currently developing the necessary regulations and procedures to implement the law, including the registration process and audit protocols.

Compiled from official sources — confirm details with the bill’s official record.

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