TO INCREASE THE AMOUNT OF TIME A TAXPAYER HAS TO ASSESS TANGIBLE PERSONAL PROPERTY ACQUIRED DURING A CERTAIN TIME PERIOD.

Fiscal Impact Statement Bill: HB1759 Bill Subtitle: TO INCREASE THE AMOUNT OF TIME A TAXPAYER HAS TO ASSESS TANGIBLE PERSONAL PROPERTY ACQUIRED DURING A CERTAIN TIME PERIOD. --------------------------------------------------------------------------------------------------------------------------------------- Sponsors: Rep. Milligan and Sen. Boyd Basic Change: HB1759 increases the period of time during which a taxpayer must assess newly acquired tangible personal property from 30 to 60 days. Under current law, tangible personal property acquired by a resident between January 1 through May 31 of each year may be assessed without the imposition of a 10% penalty if assessed within 30 days of acquisition. The same time period applies for a new resident or new business established between January 1 and May 31. HB1759 extends the grace period to 60 days following the date of acquisition before a delinquent assessment penalty is applied. HB1759 also provides that the 10% delinquent assessment penalty will not apply to tangible personal property acquired between April 1 and May 31 if the property is assessed within 60 days of its acquisition. Fiscal Impact: None. Taxpayer Impact: The period