TO CREATE A SALES AND USE TAX EXEMPTION FOR PARTS PURCHASED TO REPAIR AGRICULTURAL EQUIPMENT AND MACHINERY AND TIMBER EQUIPMENT AND MACHINERY AND PARTS AND SERVICES PURCHASED TO REPAIR A GRAIN BIN.

Fiscal Impact Statement Bill: HB1472 Bill Subtitle: TO CREATE A SALES AND USE TAX EXEMPTION FOR PARTS PURCHASED TO REPAIR AGRICULTURAL EQUIPMENT AND MACHINERY AND TIMBER EQUIPMENT AND MACHINERY AND PARTS AND SERVICES PURCHASED TO REPAIR A GRAIN BIN. --------------------------------------------------------------------------------------------------------------------------------------- Sponsors: Rep. Beaty and Sen. Gilmore Basic Change: HB1472 creates a sales and use tax exemption for the sale of: (1) parts purchased to repair, either in whole or in part, existing agricultural equipment and machinery or timber equipment and machinery; and (2) parts and services purchased to repair, either in whole or in part, a grain bin. HB1472 provides definitions for "agricultural equipment and machinery" and "timber equipment and machinery": • "Agricultural equipment and machinery" means implements used exclusively and directly in a commercial agricultural production in the state; and • "Timber equipment and machinery" means implements used exclusively in the commercial production, harvesting, or processing of timber in the state. HB1472 is effective on and after January 1, 2026. Fiscal Impact: FY