Fiscal Summary

NOT SIGNIFICANT

Bill Summary

ON APRIL 22, 2019, THE HOUSE ADOPTED AMENDMENT #1 AND PASSED HOUSE BILL 1461, AS AMENDED.



AMENDMENT #1 rewrites this bill and creates a sales and use tax exemption on qualified building materials used in the construction, expansion, or renovation of one or more qualified, new, or expanded warehouse or distribution facilities, if the taxpayer or a lessor, or both, makes a capital investment of at least $1 billion in the construction or renovation of such facilities and related facilities at the same location within the qualified capital investment period. For purposes of the exemption, "qualified capital investment period" means a period beginning on or after January 1, 2019, and ending no later than December 31, 2026.



A taxpayer seeking the exemption provided under this amendment must submit an application for exemption to the commissioner of revenue, by October 1, 2019, describing the investment to be made during the qualified capital investment period. If any requirements of this amendment are not met, the taxpayer will be liable for any sales or use tax, penalty, or interest that would otherwise have been due with respect to items purchased on a tax-exempt basis pursuant to this section, and the amount of the tax due must be assessed within three years of December 31 of the final year of the investment period, unless extended pursuant to present law.

