Deadlines for claiming lottery prizes, motor vehicle fuel bulk plants, repealing the woodland tax, property tax publications, the manufacturing and agriculture tax credit, manufacturing property tax assessment objections, and reporting capital stock transfers. (FE)

This bill eliminates the gallon capacity and mileage limits from the provisions related to motor vehicle fuel redistributed from bulk plants. Under the bill, the motor vehicle fuel tax is imposed on any person who imports motor vehicle fuel from a bulk plant located outside of this state. A wholesale distributor who exports motor vehicle fuel from a bulk plant to a destination outside of this state is exempt from paying the motor vehicle fuel tax.

Woodland tax Prior to January 1, 1986, a person who owned ten or more acres of land could apply to the Department of Natural Resources (DNR) to have the land placed into the woodland tax law program. If DNR found that the land was suitable for growing timber or other forest products, and not more suitable for other purposes, DNR would approve the application. In exchange for paying a lower per acre property tax rate than the local general property tax rate, the property owner agreed to follow a woodland management plan approved by DNR. Under current law, as of January 1, 1986, DNR cannot approve any new application, or renew any agreement, to place land into the woodland tax law program. This bill eliminates the woodland tax law program.

Property tax publications Under current law, DOR must publish instruction material that provides information to persons who wish to object to their property tax assessments. Under current law, DOR must also distribute this material in sufficient quantity to taxation districts. Under this bill, DOR must only make the material available to the taxation district.

Objections to manufacturing property tax assessments Under current law, generally, a taxpayer must file an objection to the person's manufacturing property tax assessment with the state board of assessors within 60 days from receiving the assessment notice. This bill provides that an objection is timely filed if it is received by the state board of assessors no later than 60 days after the date of the notice or sent to the state board of assessors by certified mail in a properly addressed envelope, with postage paid, that is postmarked before midnight of the last day for filing.

Underpayment interest Under current law, interest is not imposed on an underpayment of income taxes that is less than $200. Under the bill, interest is not imposed on an underpayment of income taxes that is less than $500.

Capital stock transfers This bill eliminates the requirement that corporations doing business in this state file a statement with DOR that discloses all capital stock transfers made by or to state residents during the preceding year. DOR currently receives this information from the federal Internal Revenue Service.

Manufacturing and agriculture credit This bill makes a technical correction to the definition of "agriculture property factor" as it relates to computing the manufacturing and agriculture income and franchise tax credit. The change is consistent with similar language used with the definition of "manufacturing property factor" that is used under current law to compute the credit.

Because this bill relates to an exemption from state or local taxes, it may be referred to the Joint Survey Committee on Tax Exemptions for a report to be printed as an appendix to the bill.