This bill, known as the "mansion tax adjustment act," raises the sales price threshold for a special tax on residential real estate from one million to two million dollars. It directly affects buyers and sellers of homes, apartments, or condominiums priced at or above this new limit, requiring them to pay an additional one percent tax on the transaction. The law includes a provision to automatically adjust this two million dollar threshold each year based on inflation, ensuring the limit keeps pace with rising costs. This change applies immediately upon enactment.
Assesses a 100% tax on distributions from the federal anti-weaponization fund; provides that such tax shall not be reduced pursuant to any deduction, exemption or credit.
This bill removes two specific tax provisions that previously imposed sales and compensating use taxes on vessels. By repealing these sections, the legislation eliminates the requirement for certain boat purchases and uses to be subject to these specific taxes. The changes directly affect individuals and businesses involved in the sale or use of boats who would no longer need to pay under the old rules. This adjustment will take effect starting January 1st of the year following the bill's enactment.
Relates to the imposition of sales and compensating use taxes with respect to certain aircraft; repeals provisions relating to the exemption from sales and compensating use taxes of general aviation aircraft, and machinery or equipment to be installed on such aircraft.
Repeals provisions relating to sale and use taxes with respect to data centers to include both personal property purchased by internet data centers and services performed on said personal property purchased by data centers.
Repeals provisions relating to sale and use taxes with respect to data centers to include both personal property purchased by internet data centers and services performed on said personal property purchased by data centers.
Exempts retail food stores from various state and local taxes provided such store derives at least seventy percent of its annual gross sales from staple foods and food products for off-premises consumption.
Grants an exemption for the purchase of energy efficient snow making equipment, ski lift equipment, snow grooming equipment, and the production of snow by a recreational ski facility from state sales and compensating use tax.
Grants an exemption for the purchase of energy efficient snow making equipment, ski lift equipment, snow grooming equipment, and the production of snow by a recreational ski facility from state sales and compensating use tax.
This bill authorizes Jefferson County to add a 1% sales tax on top of its existing 3% sales tax rate. It directly affects residents and businesses in Jefferson County by increasing the total sales tax rate for purchases made within the county. The additional tax will be in effect from December 1, 2025, through November 30, 2027. The bill amends existing tax law to extend this authorization period beyond the previous 2025 expiration date.
