HB2510 HFA Keaton 1-31 #1

Wilkinson 3909

Delegate Keaton moved to amend the bill on page 12, section 11-13MM-3, after line 255, by beginning a new paragraph inserting a new definition to read as follows:

“Salvage value" means five percent of original cost.”

And,

On page 29, section 11-13MM-14, after line 16, by inserting three new sections to read as follows:

Ҥ11-13MM-15. Valuation of certain tangible personal property purchased or leased for business expansion.

Notwithstanding any other provision of this code to the contrary, the value of tangible personal property purchased or leased for business expansion shall be its salvage value.

§§11-13MM-16. Initial determination; protest and appeal.

The valuation and assessment of any tangible personal property purchased or leased for business expansion subject to this article, including the process of protest and appeal from any such valuation, shall be conducted in the manner set forth and more fully described in §11-6-1 et seq. of this code and any applicable rules: Provided, That with respect to any tangible personal property purchased or leased for business expansion that is subject to this article but is not property of a business subject to the provisions of §11-6-1 et seq. of this code, the valuation and assessment of such tangible personal property purchased or leased for business expansion, including the process of protest and appeal from any such valuation, shall be conducted in the manner set forth in §11-3-1 et seq. of this code.

§11-13MM-17. Rare Earth and Critical Mineral Severance Tax Exemption.

Notwithstanding any provisions of §11-13A-3c to the contrary, there is an exemption from the imposition of the tax provided for in §11-13A-3c beginning July 1, 2024, for severing, extracting, reducing to possession and producing for sale, profit or commercial use rare earth elements and critical minerals.”

And,

Renumbering sections accordingly.

Adopted

Rejected