SB 1 – Tax Incentives

Senate Bill 0001 Tax incentives. Requires a personal property tax abatement filing to be accomplished by filing a schedule rather than an application; and states that the abatement applies in the amount claimed unless denied by the assessor. Changes the appeal procedure for a denied or altered deduction in an economic revitalization area (ERA). Changes the deadline for updating a statement of benefits for ERA deduction. Establishes a property tax investment deduction. Expands professional auto racing tax exemptions. Grants a number of research and development tax incentives. Increases venture capital investment tax credits.