The League's position on this issue over the years has been that we oppose repeal of the personal property tax unless the state agrees to annually reimburse local governments the full $275 million in lost revenue. Thereby avoiding a tax
shift to homeowners and other property taxpayers.
This bill, unlike previous versions, actually meets our condition for not opposing. Consequently, the League is joining the Counties Association in releasing a statement acknowledging that the authors have moved considerably in our direction and have met the conditions that we had set forth for not opposing repeal of the personal property tax.
The bill has not yet been introduced. The authors are in the process of seeking co-sponsors. It is not clear whether this bill has any chance of advancing. Many business groups and GOP legislators support it. Yet, it has an annual fiscal impact on the state's budget of $275 million, which is not an insignificant amount.
View the personal property repeal bill, LRB 2081, here.