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20 Feb 2012

Senate Offers Relief on Machinery Tax

The House and Senate seem headed in different directions on whether to give businesses relief from the machinery and tools tax levied by local governments. The Senate has passed a bill to give businesses grants to offset the tax on newly purchased equipment for the first two years. Under the latest version of Senate Bill 549, businesses would pay the tax to their city, county or town but then get reimbursed by a state grant. The bill passed last week, 28-12.