Changing industrial classification codes. (FE)

1. To assess manufacturing property for property tax purposes. Taxpayers who own property assessed as manufacturing are also eligible to claim certain income tax credits and sales and use tax exemptions.

2. To determine whether a county or municipality may qualify as a premier resort area and impose the premier resort area sales tax on sellers in the area based on their industry classifications.

3. To determine eligibility for the property tax exemption for rented personal property.

4. To report the classification of each place of business in this state when obtaining a business tax registration certificate.

5. To administer the clean water fund program.

6. To determine which facilities must comply with toxic chemical release form requirements under federal law and submit copies of such forms to the Department of Natural Resources.

7. To determine the activities in this state in which a nonresident may hold an interest. Current law allows a nonresident to hold an interest in activities classified as manufacturing or mercantile.

This bill also requires all state agencies to use the North American Industry Classification System in order to determine the industrial classification of any property, entity, or activity included in any program administered by the agencies.

Finally, the bill requires taxation districts to assess property at full value at least once in every eight-year period and requires the Department of Revenue to assess manufacturing property at full value at least once in every eight-year period.

Current law requires such assessments at least once in every five-year period.