Bill
HB 2895
Overview: HB 2895, titled "To ascertain the value of any item of tangible machinery and equipment personal property used in business activity", was introduced in the House on Febru
Overview: HB 2895, titled "To ascertain the value of any item of tangible machinery and equipment personal property used in business activity", was introduced in the House on February 14, 2025 and is currently in the House Finance committee.
Purpose and Intent: The bill aims to establish a process for determining the value of tangible machinery and equipment personal property used in business activities. This information would be used for tax assessment and other regulatory purposes.
Key Provisions:
- Requires businesses to report the value of their tangible machinery and equipment personal property
- Establishes guidelines for valuation methods, including depreciation schedules
- Grants the Department of Revenue authority to audit and verify reported values
- Imposes penalties for businesses that fail to comply with reporting requirements
Affected Parties and Impacts: Businesses that own and use tangible machinery and equipment in their operations will be required to comply with the new valuation and reporting requirements. This could impact their tax liabilities and other regulatory obligations.
Procedural and Timeline Considerations: HB 2895 is currently in the House Finance committee and has not yet been scheduled for a vote. If passed, the new valuation and reporting requirements would likely take effect in the next tax year.
Compiled from official sources — confirm details with the bill’s official record.
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