Reducing penalties for the late filing of or the failure to file statements listing personal property for assessment and the discovery of escaped personal property and reporting changes after initial statement, allowing for filing of an appraisal by a certified residential real property appraiser for appeal purposes, accounting for adverse influences in the valuation of agricultural land, including properties used for registered agritourism activities as land devoted to agricultural use for purposes of classification, providing a property tax exemption for new electric generation facilities, additions and new pollution control devices and discontinuing certain current property tax exemptions, providing that county clerks are not required to send revenue neutral rate notices to property owners of exempt property, modifying and prescribing the contents of the revenue neutral rate hearing notice, permitting a tax levy that generates the same amount of revenue as the previous year when the final assessed valuation decreases compared to the estimated assessed valuation, requiring that the governing body's vote be conducted on the same day as the commencement of the public hearing, extending reimbursement from the taxpayer notification costs fund for printing and postage costs for calendar year 2024, providing income tax subtraction modifications for certain federal credit disallowances and the employee retention credit disallowance and to permit the carryforward of certain net operating losses, clarifying the disallowed business interest expense deduction, extending the time period for the single city port authority tax credit, decreasing penalties for failing to timely remit withholding income taxes of employees by employers, clarifying the determination of taxable income of an electing pass-through entity and providing for the passing through of tax credits to electing pass-through entity owners relating to the salt parity act, providing countywide retailers' sales tax authority for Rawlins, Marshall and Neosho counties and authorizing teleconference or video conference hearings in the small claims and expedited hearings division of the state board of tax appeals.
SB 410 will establish property tax exemptions for new electric generation facilities and their pollution control devices, which proponents believe will encourage sustainability and investment in renewable energy projects. It also intends to discontinue certain current property tax exemptions for existing electric generation facilities, indicating a push towards a more favorable tax environment for newer technologies. Additionally, the bill will grant county commissions expanded authority to implement countywide retailers' sales taxes, providing local governments with alternative funding sources for various projects.
Senate Bill 410 aims to address various taxation issues, notably focusing on property tax assessments and the introduction of certain tax exemptions. One significant point is the reduction of penalties for late filing related to personal property statements, as well as provisions for appraisals by certified residential appraisers during appeals. Furthermore, the bill seeks to improve the valuation of agricultural land by considering adverse factors that may not have previously been accounted for, thus making it more equitable for farmers.
Overall sentiment regarding SB 410 appears to be mixed. Proponents argue that the bill fosters investment in sustainable energy and local infrastructure by easing tax burdens for new projects. Conversely, individuals and entities relying on existing exemptions may express concerns about the removal of previous benefits, arguing that it could stifle economic growth in certain sectors. Additionally, the reduced penalties for late property tax filings are seen as a positive step for taxpayers, particularly small businesses.
Notable points of contention include the balance between encouraging new developments and preserving existing economic structures that rely on current tax exemptions. The focus on agricultural valuations and how adverse influences are measured may also prompt debates about fairness in tax assessments. Furthermore, the expansion of county retailers' sales tax authority could raise concerns regarding increased taxation at the local level, leading to scrutiny from constituents who may feel overburdened by added local taxes.